The IRS has given guidance on how the unemployment change is to be implemented on the Federal tax returns but the IRS has not yet given guidance regarding the changes to the Excess Advance Premium Tax Credit.
Currently, the IRS has also advised that you should not yet amend returns that had Unemployment Compensation or Repayment of the Advance Premium Tax Credit. Official IRS guidance is forthcoming.
As soon as we have these updates, we will be contacting any client who has already completed and filed their 2020 tax return who had unemployment or Covered California to let you know how these changes may affect you.
We thank you for your patience and continued support as we work to implement these changes as soon as possible.
- Seth Fuhrer, CEO
3rd ROUND STIMULUS
THE 3RD ROUND OF THE ECONOMIC IMPACT PAYMENTS HAVE BEGUN
Those eligible will automatically receive an Economic Impact Payment of up to $1,400 for individuals or $2,800 for married couples, plus $1,400 for each dependent. Unlike EIP1 and EIP2, families will get a payment for all their dependents claimed on a tax return, not just their qualifying children under 17. Normally, a taxpayer will qualify for the full amount if they have an adjusted gross income of up to $75,000 for singles and married persons filing a separate return, up to $112,500 for heads of household and up to $150,000 for married couples filing joint returns and surviving spouses. Payment amounts are reduced for filers with incomes above those levels.
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Beginning Monday, March 15, 2021, Taxpayers may
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UPDATE - 3/19/21
The IRS to Handle Unemployment Returns, Don't Amend!
Returns filed with unemployment benefits prior to the $10,200 exclusion should not be amended. The IRS has indicated it will refigure taxes on these returns and adjust the taxpayer's account accordingly. The IRS will then send any refund amount directly to the taxpayer