President Donald Trump recently signed an executive order forgiving all student loan debt for roughly 25,000 permanently disabled U.S. military veterans. Additionally, the order removes the requirement for eligible veterans to pay federal income tax on the loans. Addressing a group of veterans at the annual AMVETS convention in Louisville, KY, President Trump remarked, “The debt of these disabled veterans will be entirely erased. It will be gone. They will sleep well tonight. That’s hundreds of millions of dollars in student debt held by our severely wounded warriors. It is gone forever.”
Inform your clients
No doubt, you will be excited to share this news with your clients impacted by the executive order. CCH Axcess iQ certainly makes it easy to do just that. Released just after the President signed the executive order, the iQ Event, Discharge of Federal Student Loan Debt for Disabled Veterans provides in-depth analysis of the executive order and identifies your potentially-affected clients. Specifically, this event includes:
- An overview of the order, as well as how it differs from the current process,
- requirements that each taxpaer must meet,
- background information that explains the potential state tax liability that may be created by discharging this debt,
- the scope of the debt that the memorandum covers,
- links to CCH AnswerConnect which provides more context surrounding the cancellation of student loan debt, and
- a client letter you can use to communicate with your clients.
In addition, CCH Axcess iQ also provides a list of clients who paid student loan interest and received a disability distribution greater than $0 in 2017 or 2018. As a result of this information, you are ready to share this good news with your clients!
Provide higher-level service
In short, this is just one example of the many ways CCH Axcess iQ can help you provide higher-level services to your clients by proactively engaging with them on important tax events. To hear more stories like this, contact a Solutions Consultant or register for a demonstration today.