Episode 28: CA Middle Class Tax Refund; Is Biden’s Student Loans Forgiveness Taxable?
If you’ve had any student loan debt cancelled as a result of President Biden’s New Executive Order on Student Loan Forgiveness, be prepared when it comes time to file your tax return. That $10,000 of debt cancellation may be considered taxable income.
Also the middle class in California is receiving a nice surprise… the state is calling it a tax refund? Whether you call this coming check an inflation stimulus a tax refund or simply the redistribution of wealth, California brought in more money than they expected and surprisingly they’re giving it back.
Forgiven Student Loans partially taxable?
California middle class tax refund.
About The Show:
Hello and welcome. This is Ron Cohen. I’m a tax partner with the firm of Partner at Greenstein, Rogoff, Olsen & Co., LLP and we’re located in beautiful downtown Fremont, California. I appreciate you signing in to listen to my self indulgent, and sometimes narcissistic comments about the tax system.
Take no reliance and anything you hear on this podcast. This is mostly for entertainment and education. In order to get an opinion from me or me firm you have to sign an engagement and give us all of the facts. After we do some research about your situation we’ll come back and formally give you an opinion. And only then can you use that advice for purposes of entering into any transaction or filing a tax return.
Plagiarism is Okay!
Everything in tax rule is laws are from the internal revenue codes, regulations, arrays, court cases, various internal memorandum by the Internal Revenue Service. Lots of lawyers and CPAs write very good articles that we will often attach in the show notes. And just trying to show how smart they are the public so everyone copies from everyone else and I certainly want to give credit. We’re not writing any novels or original thoughts here.
We try to stay out of general politics, however tax law is developed through legislation in Congress and anything that’s legislative has its own political ups and downs. And I feel free to comment on that.
How I Help:
Our my firm does around 1400 tax returns for various people. The demographics range from little grandmothers all the way up to high tech executives and multinational corporations. We also specialize in family office services for wealthy groups with far flung entities and we also help those groups with things such as bill paying and taking care of their day to day financial operations
No Cheerleader for the Tax System
Our tax system is intrusive, an invasion of privacy and It’s tedious. You need to look at a 12 step flowchart to figure out in some cases whether you can take your mortgage interest deduction. It is part of the technocratic administrative state that is built up in this country since World War Two, and I don’t like it.
Other countries have simplified the tax system in many ways, despite this we always try to get an A+ on our work and make sure it is accurate.
Please let us know if there are specific topics you’d like to hear about in future episodes.
Ron Cohen, CPA
Partner at Greenstein, Rogoff, Olsen & Co., LLP
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