The federal government has provided new tax savings opportunities for student loans in the CARES Act and the SECURE Act, both of which can help reduce the overall cost of paying down student loans.
If your business didn’t qualify for or secure a PPP loan, there are several other tax benefits provided by the CARES Act. Here we’re going to take a closer look at some of the most advantageous programs available.
As a large portion of PPP loans have been disbursed and more funds on their way to businesses in need, SBA and Treasury have now turned their attention to the forgiveness portion of the PPP program.
On Thursday evening, April 30, 2020, the IRS released guidance advising taxpayers that expenses paid using Paycheck Protection Loan proceeds will not be tax-deductible.
On March 17, 2020, Secretary of Treasury Steve Mnuchin announced the IRS will allow taxpayers to delay federal tax payments for 90 days after their due dates. This delay is both interest and penalty-free. For individuals, they can defer up to $1,000,000 of taxes owed
At the organizational level, the proposed changes are pretty bare. The major change comes in the form of a new excise tax applied to private colleges and universities, especially those with very large endowment funds.
The House Ways and Means Committee have released its first bill of the "Tax Cuts and Jobs Act." While we still may be a ways out of a final bill, PBMares will keep everyone in the non-for-profit world on any changes that will affect them every step of the process.
Fox Business recently ran an article on a creative way non-for-profit universities have been raising funds. (See the article here). As a basic summary, universities have [...]
In 2007, President George Bush signed into law the Public Student Loan Forgiveness Program. This program allows people working in certain industries to have their [...]
President Trump signed the Promoting Free Speech and Religious Liberty Executive Order on May 4, 2017. This Executive Order requests that the Treasury and IRS no [...]