Share this with your employees and partners: news release about a revenue procedure on discharged student loans issued by the IRS and the Department of the Treasury. The revenue procedure extends relief to additional taxpayers and creditors who would otherwise be required to report gross income or furnish information returns regarding the discharge of federal or private student loans for financing attendance at a nonprofit or for-profit school.
See the news release for more info about:
- When it applies to federal or private loans
- When not to recognize gross income
- When not to furnish students nor the IRS with a Form 1099-C