That brings us full circle to today’s young adults in the workforce. According to Dori Meinert in the Society for Human Resource Management, accessing flexible work time has become much more common to accommodate today’s cultural and economic trends. By the time today’s teens join the workforce, telecommuting may well be a ubiquitous choice..
If the loan is considered to be a gift there are no tax consequences for either party as long as the gift falls within the parameters set by the IRS. To qualify for this tax exemption the gift loan must be less than $100,000 and the interest income should be less than $1000. However, if the terms of the loan generates interest income that is greater than this amount or the principal of the loan exceeds this balance the gift loan must be reported on the tax return on the lender..
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