With the Supreme Court decision on student loan forgiveness and the debt ceiling rules approved, student loan repayment will start on October 1. In addition, the new IRS data integration with the Department of Education will occur this summer. This integration will change the tax professional’s role in tax advice and student loan repayment. By late 2023, the IRS tax data will directly feed many Department of Education systems, specifically student loan repayment and FAFSA. This program will explain its new student loan repayment role and the impact on your tax preparation business.
For accounting and finance professionals who focus on businesses and higher ed, this course will address the new rules concerning student loans and employee benefits. These include SECURE 2.0, tax-free repayment reimbursement, and other employer repayment restart issues. Many employers will adopt a student loan repayment benefit due to the new complexities and the lack of advice from the loan servicers concerning the restart. This benefit will reduce employee stress, increase retention, and improve recruitment.
Get the knowledge you need to assist both your individual and company clients, as the repayment confusion will start.
- Impact of the Supreme Court loan forgiveness decision
- The President’s plans in response to the Supreme Court decision
- New IRS data integration with the Department of Education
- Reasons why loan servicers cannot provide proper advice
- Importance of tax planning due to Income-Driven Repayment (IDR) and loan forgiveness
- Employers’ implementation and cost of a student loan assistance benefit
- Proper planning steps related to the repayment restart
- Methods of lowering payments to maximize loan forgiveness
- Better planning for divorced and separated couples in FAFSA planning
- Higher education concerns on loan repayment support and default rates
- Explain the new importance of tax planning on student loan repayment and college funding
- Recognize the financial consequence of not understanding this IRS integration
- Implement strategies described in the course into your current business plan
Accounting and finance professionals involved in student loan repayment and college funding