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2020 Tax Deadline Extended
The latest update from the IRS The Treasury Department and Internal Revenue Service announced today that the Federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.
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SENT MARCH 17 2020
Unemployment Update
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The IRS has announced that $10,200 of unemployment received in 2020 is non-taxable. This applies to individuals with an AGI of $150,000 or less. If you have already filled the IRS will send out checks with the adjusted amounts.
The California will require you to amend your return. Form more info please sign up to our news letter.
Stimulus Update
The IRS has classified the stimulus as the Recovery Rebate Credit and will issue Form 1444 to those who received it.
If you have not received the stimulus and are eligible to receive it you'll be able to receive it as part of your tax refund once you complete your 2020 taxes.
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Important Tax Updates
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The IRS has released and important update regarding the taxation of the unemployment benefits as part of the American Rescue Plan Act of 2021. They are currently working on tax updates to include retroactive provisions that make the first $10,200 of 2020 unemployment benefits nontaxable. The IRS has also emphasized that at this time tax filers should not amend their returns if they've already filed.
At this time the IRS Tax Software does not reflect these changes. Therefore, if you come in to receive an estimate or file your taxes there will be differences in your refund amount.
For more information please refer to the IRS website at irs.gov or click here. The IRS has emphasized to not contact them or your tax preparers at this time as they are still working on updates.
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SENT MARCH 16TH 2020