Cares Act and Education Credit Entry
I'm trying to enter student loans as they relate to the CARES act.
Under the CARES Act, employers can contribute up to $5,250 toward an employee's student loans from March 27 until December 31, 2020, and the payment is excluded from the employee's income. It is also tax-free for the employer, since it's not subject to payroll taxes up to the contribution threshold.
This is a pretty important part of the CARES Act. QB Payroll made other adjustments for the CARES Act. Does the QB Payroll engineering team have any plans to address this by year end or is there a work around solution?
My company is trying to participate in this student loan forgiveness benefit. I don't think it's fair to them to say we can't because our payroll provider hasn't addressed the issue.
I have tried entering this and the program makes it subject to taxes.
There has to be a solution!
