The IRS has updated its FAQs on higher education emergency grants to address questions related to the CARES Act. Enacted in 2020, it allows institutions of higher education to use certain funds to support students with expenses and financial needs related to the COVID-19 crisis. For example, the IRS explains that emergency financial aid grants for unexpected expenses, unmet financial need, or expenses related to the disruption of campus operations (unexpected expenses for food, housing, course materials, technology, health care or childcare) aren’t included in a student’s gross income for income tax purposes. Read the FAQs: https://bit.ly/3dDDDwh
