The agency made an update to the unemployment benefit tax exemption in the latest incentive law of March 31 and said it will recalculate taxes for people who received unemployment benefits in 2020 and all
Twenty-three million Americans filed for unemployment last year because of the, according to the Bureau of Labor Statistics. Below the This was created in March under the CARES Act and included both laid-off workers and handymen, contractors and self-employed persons who normally do not qualify for unemployment insurance.
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“This new clarification from the IRS is good news for the millions of taxpayers affected, but it can still be confusing,” said Mark Steber, Jackson Hewitt’s chief tax information officer. Some taxpayers may have questions about the timing of a payment and whether it will come in a check or other form. The IRS is still clarifying these and other questions related to the newly announced program. Once taxpayers have their automatic payments made In the coming weeks and months, it may be a good idea to check with a trusted tax authority to make sure the IRS has calculated their amount correctly. ”
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