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Students Internal Revenue Service

Fleurinord Law PLLC

The Pros and Cons of Parents Claiming College Students as Dependents

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As the back-to-school season kicks off and college students begin their fall semester, now is the perfect time to consider the financial implications of your child heading off to college. The decision of whether to claim them...more

Groom Law Group, Chartered

IRS Issues FAQs on Educational Assistance Programs

On June 17, 2024, the IRS issued Fact Sheet 2024-22, which includes nine FAQs about educational assistance programs. The Fact Sheet also links to a sample program document for employers....more

Bowditch & Dewey

Help Paying for College – Federal Tax Credits

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Education income tax credits are one way students and parents can help pay for college. There are two types of federal tax credits available to taxpayers: the American opportunity tax credit (AOTC) and the lifetime learning...more

Rivkin Radler LLP

Activities Contrary to Public Policy – Revoking the Tax Exempt Status of Universities

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It appears that many of the country’s colleges and universities believe they have not already contributed enough to the decline of American education and to the erosion of our society, generally. These institutions of...more

Bilzin Sumberg

The Student Visa Exception: A Pretty Good Thing, But Not A Cure-all

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In a previous post, we provided an overview for determining a person's U.S. income tax residency status under the substantial presence test (the "SPT"), a test which relies on a mathematical formula for computing an...more

Hogan Lovells

Coronavirus: The Hill and the Headlines, May 2021 # 7

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In Washington: President Biden announced Monday that the U.S. will share an additional 20 million doses of domestically-authorized coronavirus vaccines with foreign countries by the end of June. The U.S. will export doses of...more

Holland & Knight LLP

IRS May Allow Employer Contributions to 401(k) Plans for Employees Repaying Student Loans

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• With growing student loan debt pushing employees to delay contributing to their employers' 401(k) plans, many employers have been looking for ways to help their employees save for retirement. • A recent Internal Revenue...more

Vedder Price

Employee Benefits Update: IRS Private Letter Ruling Approves 401(k) Student Loan Benefit Programs

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On August 17, 2018 the IRS released a private letter ruling (PLR 201833012) addressing an employer’s proposal to amend its plan to include a student loan benefit program. Under the program, the employer would make a...more

Dickinson Wright

Innovative 401(k) Plan Benefit for Employees with Student Loan Repayments

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Many recent college graduates find it difficult to make contributions to their employer’s 401(k) plan as they have significant student loan repayments which take precedence in their budget. By failing to make 401(k)...more

Foley & Lardner LLP

A New Way to Use Your 401(k) Plan to Attract and Retain Recent Graduates

Foley & Lardner LLP on

According to a recent report, the average student loan debt for a Class of 2016 graduate is $37,172. As recent graduates enter the work force, they often choose not to contribute to their employers’ 401(k) plans and lose out...more

Sullivan & Worcester

Student Loan Debt and 401(k) Plan

Sullivan & Worcester on

A new ruling was released last Friday by the Internal Revenue Service that presents a very intriguing possibility for employers looking to economically support employees with student debt burdens. The idea is that an employee...more

Constangy, Brooks, Smith & Prophete, LLP

Can An Employer Use Nonelective 401(K) Contributions To Encourage Student Loan Repayment? Maybe.

Abbott Laboratories gets a limited thumbs-up from the IRS. Plan sponsors may recall that Abbott Laboratories announced its Freedom 2 Save program last June. The program is designed to encourage employees to pay off their...more

Holland & Hart LLP

Mixing Student Loan Assistance and 401(k) Plans

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Student Loan Assistance and 401(k) Plans – Oil and water. These two benefits have not mixed well due to the complex tax rules governing 401(k) plans. In a welcome ruling (PLR 201833012), the IRS approved a taxpayer's plan to...more

Bradley Arant Boult Cummings LLP

IRS Approves the Use of a 401(k) Plan to Help Tackle Student Loan Debt - Employee Benefits Alert

The Internal Revenue Service (IRS) has issued a private letter ruling approving of an employer’s program to provide employees a retirement plan contribution conditioned on student loan repayments. Specifically, the IRS found...more

Mintz - Employment, Labor & Benefits...

Employers Must Withhold FICA Taxes for Students who Change Status to H-1B Starting October 1

As students and scholars’ status change from F-1, J-1 or other FICA exempt statuses to H-1B starting October 1, these employees will become subject to FICA taxes upon the effective date of their H-1B status....more

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