Simon Accounting Group

Take the example of a married couple filing a joint tax return. They had job income of $140,000 last year. They also each had $10,200 of income from unemployment benefits. Under prior IRS guidance, this couple would not have qualified for the tax break, due to joint income of $160,400 when factoring in jobless aid. The new IRS calculation makes them eligible. Their income would be $140,000 for purposes of determining their qualification. Each spouse would be able to exclude $10,200 of unemployment benefits from federal tax

Said in English, Modified Adjusted Gross Income for the limitation should not include Unemployment Income, allowing more Americans to benefit from the $10,200 Unemployment Income Exclusions for incomes above the $150,000 Modified Adjusted Gross Income for the limitation.

Business that received PPP Loans and their accountants should still wait for Franchise Tax Board to come to a decision.

Similar to the federal tax filing and payment deadline extension, California will also extend the state tax filing and payment deadline for individuals to May 17th, 2021. The extension does not apply to estimated tax payments due on April 15, 2021. IDIOTS...HOW DO YOU 2021 ESTIMATES IF YOUR DO NOT KNOW YOUR 2020 LIABILITY FOR THE SAFE-HARBOR AMOUNTS.

The California Franchise Tax Board HATES CPA'S. YES THEY EXTENDED THE FILING DATE, BUT FOR NOW CLAIM 2021 FIRST ESTIMATES STILL DUE 04/15/2021. WHAT IS THE F@@KING POINT OF MOVING ONE DEADLINE.