03/11/2021
As you likely know there is a bill that is about to/has become law. There are some changes that can impact your 2020 tax return. If you have already filed we can amend your return AFTER the Department of Treasury updates, the IRS creates the forms, and the software companies update the coding. We are not able to put these changes into place before that time. If you have not yet filed we can prepare your return to a point and hold for the new coding. If that is not available before April we can file an extension and file your returns once the changes have been made available.
PER CNBC news: what to know about taxes if you got unemployment:
To be sure, there is still some time before the Covid stimulus bill becomes law. The House plans to vote on the legislation again on Tuesday and then send it to President Joe Biden to sign.
Even once that happens, however, it will take some time for the IRS and Treasury Department, as well as tax preparers and companies, to implement and give guidance on the new rules.
This means that if you had unemployment income in 2020, itās best to wait to submit your tax return to the IRS, even though itās already the middle of the filing season. It also means that if you already filed for 2020, you will need to send in an amended return but should also wait to do that until the bill is law.
March 8, 2021
