Ask a CPA

Form 8109-B - Federal Tax Deposit Coupon was used before 2011 to make deposits for payroll taxes, corporate income taxes, and other tax deposits.
IMPORTANT Effective for tax payments after January 1, 2011 the IRS will not accept deposit coupons. All tax deposit transactions must be made through the Electronic Federal Tax Payment System (EFTPS). Learn how to use EFTPS to make tax payments electronically.

You can contact the Pension and Welfare Benefits Administration of the Department of Labor (PWBA). To find out your local office call 202-219-8776 or write to US Department of Labor, PWBA, Division of Technical Assistance and Inquires, Room N-5625, 200 Constitution Ave., N.W. , Washington, D.C. 20210.

No. Parents will only be responsible for your educational loans if you are under 18 and they cosign your loan. In general you and you alone are responsible for repaying your educational loans. Parents are responsible for the Federal PLUS loans only. If your parents want to help pay off your education loans, you can have your billing statements sent to their address. Also, if your lender provides an electronic payment service where the monthly payments are automatically deducted from a bank account, your parents can agree to have the payments deducted from their account. Your parents are under no legal obligation to repay your loans. If they forget to pay the bill on time or decide to cancel the electronic payment agreement, you will be held responsible for the payments, not them.

Possible Yes. Under certain circumstances. A discharge releases your parents from all obligations to repay the loan.
A complete listing of the discharge conditions is given in your loans Borrower Rights documentation.
Your parents' loan cannot be discharged because you did not complete your program of study at your school unless you were unable to complete the program because the school closed, didn't like the school or the program of study, or did not obtain employment after completing the program of study.
For more information about loan discharge or repayment PLUS Loan borrowers should contact the lenders or agencies that hold their loans.

Yes, your parents will have an opportunity to cancel their loan after they sign the promissory note. Your college must notify your parents in writing whenever it credits your account with your PLUS Loan funds.
This notification must be sent to your parents no earlier than 30 days before, and no later than 30 days after the college credits your account.
Your parents may cancel all or a portion of their loan if they inform your college that they wish to do so within 14 days after the date that your college sends this notice, or by the first day of the payment period, whichever is later.
Your college can tell you the first day of your payment period. If your parents receive PLUS Loan funds directly by check, they may refuse the funds by not endorsing the check.

The first step in the college loan process is to fill out the FAFSA form. This form can be obtained from your child's high school guidance office and can also be obtained on the web at www.fafsa.ed.gov. Once you complete the application, you will find out what loan programs you are eligible for. Please speak to a CPA in your area for other loan options.

Grace Period is a short time period after graduation during which the borrower is not required to begin repaying his or her student loans. The grace period may also kick in if the borrower leaves school for a reason other than graduation or drops below half time enrollment. Depending on the type of loan, you will have a grace period of six months for Stafford Loans or nine months for Perkins Loans before you must start making payments on your student loans. The PLUS Loans do not have a grace period.

If your school is authorized by the Department of Education, and uses the Master Promissory Note as a multi-year note, you will only have to sign the note once as long as you don't change lenders. If you attend a two year or proprietary school, you will need to complete the Master Promissory Note each year. If your Master Promissory Note exceeds 10 years, you must sign a new Master Promissory Note.

No. Unlike the previous Stafford Loan Application Promissory Note, the Master Promissory Note is simply the promissory note. Rather than completing a separate application, you begin the loan process each year by answering "yes" to the question on the Free Application for Federal Student Aid (FAFSA) that asks if you are interested in student loans. The financial aid office will advise you of any additional steps they require in the application process such as completing a loan request or loan information form.

The Master Promissory Note has replaced the Stafford Loan Application Promissory Note. It is a legally binding document that sets the terms of your student loans. By signing the Master Promissory Note It becomes a legally binding document that sets the terms of your student loans. By signing the Master Promissory Note you are promising to repay your student loan. This is regardless of whether you graduate or are satisfied with your education. You are promising to repay your student loan regardless of whether you graduate or are satisfied with the education you received.