Integrity Tax Professionals

Important: The IRS has stated that there is no need to file an amended return (Form 1040-X) to figure the amount of unemployment compensation to exclude. The IRS will re-calculate and send the difference

The Internal Revenue Service announced late Wednesday afternoon that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15 to May 17. This continues to be a tough time for many people," said IRS Commissioner Chuck Rettig.3

Update what I know so far If your my client and already filed and received unemployment please stay tuned here and reach out to me once we know if an amendment will be required ($60 fee) thank you for your patients IRS is urging customers to wait to file amendments for filed returns affected by the American Rescue Plan Act.... As you know, the American Rescue Plan Act passed 3/10/21 and is expected to be signed into law shortly. The most notable change for tax purposes makes the first $10,200 of unemployment relief received in 2020 exempt from tax for households with up to $150,000 of income. Please be advised that it is unclear how the IRS or the states will handle this change in the treatment of unemployment compensation for taxpayers who have already filed their 2020 returns. Consequently, we strongly recommend that you delay filing amended returns pertaining to these changes until the IRS and the states release official guidance, as doing so now may require you to make additional adjustments later.

Saturday funny thanks to one of my awesome clients

Happy Friday ready...set...GOcall me and let me get the job done here are some Friday funnies enjoy

Happy Friday I’m ready to get to work and get the job done right here are some Friday funnies

Individuals who received the full amounts of both Economic Impact Payments do not need to complete any information about the Recovery Rebate Credit on their 2020 tax returns. They already received the full amount of the Recovery Rebate Credit as Economic Impact Payments. You received the full amounts of both Economic Impact Payments if: Your first Economic Impact Payment was $1,200 ($2,400 if married filing jointly for 2020) plus $500 for each qualifying child you had in 2020...; and. Your second Economic Impact Payment was $600 ($1,200 if married filing jointly for 2020) plus $600 for each qualifying child you had in Individuals who received the full amounts of both Economic Impact Payments do not need to complete any information about the Recovery Rebate Credit on their 2020 tax returns. They already received the full amount of the Recovery Rebate Credit as Economic Impact Payments. You received the full amounts of both Economic Impact Payments if: Your first Economic Impact Payment was $1,200 ($2,400 if married filing jointly for 2020) plus $500 for each qualifying child you had in 2020; and. Your second Economic Impact Payment was $600 ($1,200 if married filing jointly for 2020) plus $600 for each qualifying child you had in 2020.

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 Individuals who received the full amounts of both Economic Impact Payments do not need to complete any information about the Recovery Rebate Credit on their 2020 tax returns. They a...lready received the full amount of the Recovery Rebate Credit as Economic Impact Payments. You received the full amounts of both Economic Impact Payments if: Your first Economic Impact Payment was $1,200 ($2,400 if married filing jointly for 2020) plus $500 for each qualifying child you had in 2020; and. Your second Economic Impact Payment was $600 ($1,200 if married filing jointly for 2020) plus $600 for each qualifying child you had in 2020.

I am ready to start on your taxes and have them done to be filed on opening day February 12th

Tax season will begin February 12th... more info here https://www.irs.gov//2021-tax-filing-season-begins-feb-12-