As you may have heard the Government has passed a relief bill that has included tax changes that will affect many tax payers. The Government has decided that $10,200 of unemployment will not be taxable for many people. Since this bill was passed in the middle of tax season it is possible that previously filed tax returns that included unemployment will need to be amended.
Prior to amending any tax returns we do need to wait for the IRS to adjust the tax forms to properly account for the reduction of unemployment compensation. It is possible that this will be a lengthy process that may take 1-2 months.
Once we have received the updated tax forms from the IRS we will reach out to our clients who have been affected and inform them on how we will need to proceed to make the necessary adjustments.
We will update this web page as we have more information available to us.
Please check this webpage for updated information. If no information has been added to this page we do not have any additional information to provide you.
We understand this in an inconvenience, but we should know more in the upcoming weeks as the IRS releases additional information