RALEIGH – The White House has indicated that President Biden’s recent student loan forgiveness will be excluded from federal income tax due to the student loan forgiveness exemption contained in IRC 108(f)(5). As part of the American Rescue Plan, Congress enacted Section 108(f)(5) of the Internal Revenue Code to expand the types of student loan…… read more »
Tag Archives: IRS
Student Loan Forgiveness Currently Considered Taxable Income
IRS Says Extension Is Available For Last-Minute Tax Filers
The IRS estimates 15 million taxpayers will request an extension of time to file. The easiest way to request an extension to file is using IRS Free File. In a matter of minutes, anyone can download and request an extension until October 17, using Form 4868, Application for Automatic Extension of Time to File U.S.…… read more »
Deadline To File Taxes Near For North Carolina Residents
The deadline for filing your North Carolina individual income tax returns is approaching, unless you request an extension. According to the North Carolina Department of Revenue, electronically filed returns must be submitted electronically by midnight on April 18. For taxpayers filing via paper, returns must be postmarked by April 18. The deadline to file and…… read more »
IRS Warns Of Possible COVID-19 Stimulus Scams
The Treasury Department and the Internal Revenue Service will begin distributing COVID-19 Economic Impact Payments in the next few weeks. IRS – Criminal Investigation and the United States Attorney’s Office in the Eastern District of North Carolina continues to warn North Carolina taxpayers to be alert about possible scams relating to these payments as well…… read more »
