“What if I filed my 2020 return before the American Rescue Plan Act & paid taxes on my unemployment?” This question has been on the minds of tax preparers and our clients all spring! We’re here with the answers you need. Normally, any unemployment compensation someone receives is taxable. However, a recent law change allows…
Economic Impact Payments(EIP) are being distributed to millions of taxpayers impacted by the coronavirus outbreak. The measure has been a success, but there is a small thing you must make sure to do when you receive your payment: Don’t forget to keep notice 1444. The IRS mails this notice to each recipient’s last known address…
Economic Impact Payments are a stimulus rolled out by the Internal Revenue Service (IRS) to offer financial relief to those affected by the coronavirus outbreak. Eligible taxpayers may get up to $1,200 for individuals, and up to $2,400 for those married filing jointly. Additionally, they may receive $500 for every qualifying child (you can use…
Economic Impact Payments are a provision unrolled by the Internal Revenue Service (IRS) to offer financial relief to taxpayers affected by the coronavirus outbreak. Although the measure has been successful for the most part, there are details that are still unclear for some people. If you are among them, read on to get answers to…
Economic Impact Payments are about to start hitting bank accounts. This relief initiative has been rolled out by the IRS and the Treasury Department and aims to help taxpayers who have been negatively impacted by the outbreak of coronavirus. This brief guide will show you what amount you could receive, which taxpayers qualify to Economic…