IRS to Recalculate Taxes for Unemployment Break

Legislation signed in March allows taxpayers who earned less than $150,000 in modified adjusted gross income to exclude unemployment compensation up to $20,400 if married filing jointly and $10,200 for all other eligible taxpayers. The legislation excludes only 2020...

IRS Grants More Due Date Breaks

The IRS has announced that individuals have until May 17, 2021, to meet certain deadlines that would normally fall on April 15. This follows a previous announcement from the IRS on March 17, that the federal income tax filing due date for individuals for the 2020 tax...

IRS Offers More Details on Relief Bill Stimulus Payment Eligibility

The latest relief bill—the American Rescue Plan Act—is the size of a long novel, so it will take some time to get the full scope. The IRS has started to issue guidance, which provides help in understanding key provisions, but does not contradict what has been widely...
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