This Week's Internal Revenue Bulletin
2020-6 IRB 1
- Institutional AuthorsInternal Revenue Service
- Subject Area/Tax Topics
- Jurisdictions
- Tax Analysts Document Number2020-3898
- Tax Analysts Electronic Citation2020 TNTF 22-382020 TNTG 22-49
HIGHLIGHTS OF THIS ISSUE
These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations.
INCOME TAX
Rev. Proc. 2020-11, page 406. Revenue Procedure 2020-11 provides relief to additional taxpayers who took out Federal or private student loans to finance attendance at a nonprofit or for-profit school. The IRS will not assert that taxpayers within the scope of the revenue procedure must recognize gross income as a result of the discharge of their student loans. Additionally, the IRS will not assert that a creditor must file information returns and furnish payee statements for the discharge of any indebtedness within the scope of the revenue procedure. To avoid confusion, the IRS strongly recommends that these creditors not furnish students nor the IRS with a Form 1099-C.
- Institutional AuthorsInternal Revenue Service
- Subject Area/Tax Topics
- Jurisdictions
- Tax Analysts Document Number2020-3898
- Tax Analysts Electronic Citation2020 TNTF 22-382020 TNTG 22-49