#taxdebt
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The Trump administration announced it will restart collections on federal student loans that are in default beginning May 5, warning borrowers could be referred to debt collectors or enrolled in repayment plans. “Debt cannot be wiped away. It just ends up getting transferred to others,” White House Press Secretary Karoline Leavitt said Tuesday. “So why should Americans who didn’t go to college or went to college and responsibly paid back their loans pay for the student loans of other Americans?” The federal government paused repayment requirements on student loans in March 2020 at the onset of the COVID pandemic and the Biden administration repeatedly sought to bring borrowers who defaulted back into good standing or to erase debt entirely. However, Biden-era plans to forgive up to $20,000 in loans for millions of borrowers were struck down by the Supreme Court, and another plan to adjust borrowers’ payment plans based on household size and income have been frozen by the court since August. The Trump administration has made it clear that no such forgiveness plans will be offered under its watch. “If you take out a loan, you have to pay it back. It’s very simple,” Ms. Leavitt said. Almost 43 million people hold student loans from the federal government, totaling more than $1.6 trillion in debt, according to the Education Department. Only 38% of borrowers are in repayment and current on their student loans, while more than 5 million holders of student debt have not made a repayment in the last year. Borrowers who are in default will receive notice within the next two weeks informing them of their status and potentially referring them to federal debt collectors or directing them to enroll in an income-driven repayment plan or to sign up for loan rehabilitation. The administration said later this summer it could start garnishment of wages, social security or tax refunds. #studentloans #studentdebt #karolineleavitt #cspan
The Trump administration is taking a different approach to student debt and many borrowers will notice it right away. In May, the Department of Education will begin collecting payments from borrowers in default, ending a pause that began during the pandemic. The government will withhold tax refunds and garnish wages to recover the debt. Geoff Bennett discussed more with Danielle Douglas-Gabriel. #pbsnews #newshour #pbsnewshour #studentloans #departmentofeducation #news #trumpadministration #socialsecurity #taxrefund #loans #creditscore
You’ll be able to see the refund or credit by checking your tax transcript, which is where you can view your tax records. The IRS is issuing the refunds now for individuals and through January for business accounts. Trusts, estates and tax-exempt organizations will see adjustments in late February to early March. The suspension of reminders meant some taxpayers with tax debt haven’t received formal communication from the IRS in over a year. The IRS in January will send special reminder notices with an updated balance, ways to pay, and directions to contact the IRS or make arrangements to pay the bill. If you have penalty relief questions, you can contact the IRS after March 31. #TheSumNews #IRS #Taxes #TaxPenalties #greenscreen
Navy Veteran James Duhr, of unincorporated Elgin, says his property taxes on a vacant parcel of land he owns near his home soared by more than 500%. The property, which has a separate PIN from his home, shot up from about $2,500 dollars a year to $15,000 dollars a year. Duhr says he appealed with the Cook County Assessor's Office but got stuck in limbo. ABC7 reached out to the Cook County Assessor's Office, asking why the bill went up so much and if it was a mistake. Within weeks, the assessor's office issued certificates of error. Duhr will now get a refund covering most of that increase. He says he was told the lot was classified incorrectly. #news #propertytaxes #cookcounty #taxes
If you have IRS tax debt, you have options! You are not alone in this, and tax relief programs are available. The first step is the hardest step to take, but you’ll never know how to end your IRS stress without taking it. Comment ‘Tax relief’ below to find out more about your options! #taxrelief #debt #tax #taxhelp #taxseason #irstaxdebt IRS | IRS tax debt | irs tax problem | levy | tax season | tax help | tax refund
#studentloandebt #collections #presidenttrump The White House is drawing a line in the sand when it comes to federal student loans in default. They will send you to the federal government’s collections program. This is much more serious than a regular collections agency. This video explains how you can get your loan out of default.
Can't Pay Your IRS Debt? Explore Your Options with an Attorney 👩🏻💻 We’ll discuss what to do if you owe money to the IRS but cannot afford to pay. One potential option is to be placed in currently not collectible status, which temporarily suspends collection activity due to financial hardship. However, qualifying for this status can be tricky, as the IRS has specific standards to evaluate financial hardship. Working with an attorney who understands how the IRS evaluates these cases can be beneficial to ensure you are set up for success. #IRS #TaxDebt #FinancialHardship #CurrentlyNotCollectible #TaxResolution
As a Tax Resolution Specialist, I see it all. These are the most common solutions we pursue for our clients! If you owe the IRS and can’t handle it on your own, leave me a comment or visit our website to learn more about how I can help you! www.fairtaxsolutions.com #taxresolution #taxresolutionspecialist #irs #taxdebt
Haven’t filed income taxes in 10 years? Getting control of the situation and moving on with your life as far easier than you think. Procrastination is your worst enemy. Fear of what the IRS will do all kinds of stress Fact is, you don’t have to have perfect recordkeeping to get this done We help taxpayers in this situation every day Click the link in my bio if you need help #Taxes ##Tax ##TaxDebt ##IRS ##TaxMatter ##BackTaxes ##TaxAttorney ##CPA ##taxprofessional
The Education Department will soon begin collecting payments for student loans that are in default, including through wage garnishment for potentially millions of borrowers, White House Press Secretary Karoline Leavitt announced Wednesday. Beginning May 5, the Education Department will begin involuntary collections through the Treasury Department's offset program, which claws back delinquent debts by withholding payments such as tax refunds, federal salaries and Social Security benefits. #news #politics #trump #edutok #studentloans
🚨 From $180k to just…🚨 Hear the incredible journey of overcoming massive tax debt with Sharelle, Samara and Jen 💬 Tune in for real talk and practical advice on managing personal and business finances. To listen to the full ep, search Salon Rising on Spotify, Apple Podcast or follow the link in our bio. @Miss Lash The Studio @misslasheducation #Podcast #salonmentoring #inspiration #taxdebt #financialsuccess #taxtips #businessmentoring #businessmentoring
Crushed by IRS Debt? Here’s Your Way Out! Owe the IRS more than you can afford? The IRS offers an Offer in Compromise (OIC) program that could help you settle your tax debt for less than the full amount owed! You can check if you qualify and apply directly on the IRS website—no need for expensive third-party services. 💡 Tip: The IRS looks at your income, expenses, and asset equity to determine eligibility. Use their free OIC Pre-Qualifier Tool online to see if you qualify before applying. Don’t let tax debt hold you back—take action today! Visit irs.gov to learn more. #TaxDebtRelief #IRSOfferInCompromise #SettleTaxDebt #FinancialFreedom