The IRS Chief Counsel’s Office has issued guidance confirming that improperly forgiven Paycheck Protection Program (PPP) loans are considered taxable income. The IRS urges PPP borrowers whose loans were improperly forgiven to file original (or amended) tax returns. The portion of the forgiven loan that doesn’t meet the requirements for forgiveness must be included in […]

Three U.S. House Republicans say that President Biden’s plan to forgive as much as $20,000 per borrower of student loan debt is a “giveaway” to highly profitable universities. With the Higher Education Accountability Act, the lawmakers propose to raise the excise tax on investment income of private institutions from 1.7% to 10%. Universities that increased […]