2020 Unemployment Compensation Exclusion

The Internal Revenue Service has issued a new set of frequently asked questions (FAQs) covering the unemployment compensation exclusion for the 2020 tax year. One question/answer is brand new brand new and another nine answers have been newly updated, reflecting new dates or new information available. The updates are laid out in Fact Sheet FS-2022-21,…

Major tax legislation usually causes a period of confusion as taxpayers and tax professionals wait for official guidance on complex provisions. The American Rescue Plan Act of 2021 is no different. The Internal Revenue Service this week announced they will automatically issue refunds for some unemployment compensation recipients who filed their tax year 2020 return…