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PSA****IRS to recalculate taxes on unemployment benefits

The IRS announced yesterday that they will re-calculate tax and automatically adjust tax returns that were filed reporting unemployment income before changes took affect due to the American Rescue Plan Act. For those taxpayers who have already filed and figured their tax based on the full amount of unemployment compensation, the IRS will determine the correct taxable amount of unemployment compensation and tax. Any resulting overpayment of tax will be either refunded or applied to other outstanding taxes owed. The IRS will recalculate returns in two phases, starting with those taxpayers eligible for the up to $10,200 exclusion. The IRS will then adjust returns for those married filing jointly taxpayers who are eligible for the up to $20,400 exclusion and others with more complex returns.

There is no need for taxpayers to file an amended return unless the calculations make the taxpayer newly eligible for additional federal credits and deductions not already included on the original tax return.
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I just love when new clients tell me that they have used H&R for the pass 2 years, JacksonHewitt before that AND THEY will never use another company. I better never retire. 😍😍😍😍 Angela ... See MoreSee Less

 

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I totally agree! The only tax company I will ever use from now on!!!!

The office is closed today and tomorrow due to sickness. I should be good by Monday. I hope! Angela ... See MoreSee Less

 

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Feel better soon!

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