Speaker: Fred Amrein
CE: 4 IRS/CTEC

Due to the increased complexity and the new IRS data integration with the Department of Education, tax preparers will have a new financial responsibility in their tax planning services. In 2023, IRS tax data will directly feed both FAFSA and Student Loan Repayment System. It is called the Financial Information Transfer or “FIT.”

With this integration change and the recent student loan repayment restart, the 2023 taxes will be critical for people headed to college and borrowers in repayment. Tax Preparer’s role will need to go beyond just lowering a taxpayer’s tax exposure since tax efficiency may not be the best option for many borrowers. Since 2018, over 54% of student loan dollars are repaid using Income-Driven Repayment methods directly related to the borrower’s Adjusted Gross Income and tax filing decisions.

These changes allow tax preparers to add a new revenue stream that compliments their current tax services. This mini-course is an introduction to this unique opportunity. It complements a more extensive course that includes a FINRA-listed designation called the Student Loan Repayment Advisor or SLRA.

Now Available On-Demand