A surprise tax break for 2020 was passed into law in March of 2021. It may impact your situation if you received unemployment income this past year. This will mean filing amended tax returns for some and a delay in preparing your tax return for others. Background Unemployment compensation was received by millions of Americans […]
WASHINGTON – The Internal Revenue Service announced today that the third round of Economic Impact Payments will begin reaching Americans over the next week. Following approval of the American Rescue Plan Act, the first batch of payments will be sent by direct deposit, which some recipients will start receiving as early as this weekend, and […]
The American Rescue Plan was recently signed into law and includes a third round of stimulus payments and many tax-related provisions. Here are some of the more prominent sections of the new legislation. Stimulus checks Qualifying individuals will receive an economic impact payment of $1,400 ($2,800 for married taxpayers filing jointly) plus $1,400 for each […]
The U.S. Senate approved President Biden’s $1.9 trillion coronavirus relief package Saturday, directing a third round of stimulus checks to most Americans. The bill will return to the House this week for final approval. If the bill is signed into law, the IRS could begin delivering the checks within days to one week, based on the timeframe […]
The Recovery Rebate Credit is authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the COVID-related Tax Relief Act. It is a tax credit against your 2020 income tax. Generally, this credit will increase the amount of your tax refund or decrease the amount of the tax you owe. The Recovery Rebate Credit was […]
