Tax

Residents of New York, Virginia and 11 other states could end up with a surprise tax hit of hundreds of dollars next year on forgiven student loans.

Concerns have mounted over the last few days about the tax ramifications of President Biden's forgiveness of student loan debt.

The California Small Business Relief Act established the tax credit, largely in reaction to the $10,000 limit on the state and local tax deduction under the Tax Cuts and Jobs Act.

Alexandru Bittner v. United States is about some of the tax and compliance rules the U.S. slaps on its own expatriates.

The billions in student loan debt forgiveness announced by the Biden Administration will be exempt from federal taxation but could be taxable at the state level in more than a dozen states — a hiccup many states are expected to quickly handle.

Plus Sovos acquired TOC Biometrics; Avalara and Xero are cooperating on an automated sales tax solution; and other news and updates from the world of accounting technology.

Turn Two-timer; framed; the 30% solution; and other highlights of recent tax cases.

The shift to a sustainability model is ushering in a new age of tax reporting.

The country's progressive personal income tax schedule is undermined by deductions that largely benefit high-income earners.

The tax agency will automatically issue the refunds or credits for most of the fees by the end of September.