IRS Issues Tax Guidance On Discharged Student Loans (Forbes) - The Internal Revenue Service (IRS) has issued guidance for some taxpayers who took out federal or private student loans to finance attendance at a nonprofit or for-profit school. The guidance offers relief for students whose loans have been discharged by the Department of Education and who meet specific criteria.
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âGiftsâ to Clergy May be Remuneration (JofA) - In its recent opinion in Brown, T.C. Memo. 2019-69, the Tax Court considered whether amounts a clergyman and his wife received were nontaxable gifts or whether the payments crossed the line into taxable income.