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IRS Gets Secret Access to Your Bank Records
Supreme Court Puts Student Loan Forgiveness on Hold
Recent U.S. Supreme Court rulings could significantly impact your finances affecting bank account privacy, student loan payments, foreign earnings and property taxes, according to Kiplinger. And here are the things that you need to know about the Supreme Court rulings: first, access to bank accounts. In Polselli v. IRS, the Supreme Court ruled that the IRS can secretly investigate bank records without notifying the account holder. This Supreme Court rulings means the IRS can access bank records of Americans who owe taxes as well as those of their friends, family and associates without prior notice. If you owe taxes this decision emphasizes the importance of settling debts promptly or negotiating a payment plan. Second, home equity theft is unconstitutional. In Tyler v. Hennepin County the Supreme Court ruled that states cannot keep the excess profit from selling a home to pay overdue property taxes. Geraldine Tyler’s condo was sold for $40,000 to pay a $15,000 tax debt and the county kept the surplus. The Court decided this practice known as “home equity theft” violates the Constitution. Homeowners now have better protection ensuring they receive any surplus equity from such sales.
Thirdly, the cancellation of student loans was put on hold. In Biden v. Nebraska the Supreme Court decided that President Biden needed congressional approval before he could forgive up to $20,000 in federal student loans. The Supreme Court rulings have put an end to the administration’s proposal to waive a sizable amount of student loan debt. Due to this borrowers must make plans in accordance with the fact that federal student loan payments have resumed. The Department of Education is always adding new programs to help borrowers so it’s important to check StudentAid.gov for current options.
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4 Supreme Court Rulings Impacting Your Finances: What You Need to Know! (PHOTO: Wikipedia)
Foreign Earnings Tax Upheld, Impacting Future Tax Policies
Lastly, the tax on foreign earnings was upheld. In Moore v. United States one of the Supreme Court rulings was to uphold the mandatory repatriation tax (MRT) on certain foreign investments introduced by the Tax Cuts and Jobs Act. Charles and Kathleen Moore challenged this tax arguing it was unconstitutional to tax unrealized gains. The Court’s decision affirms Congress’s authority to tax these earnings. While this ruling primarily impacts those with substantial foreign investments it could lead to broader changes in tax policy that affect more taxpayers in the future.
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