unemployment

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IRS to recalculate taxes on 2020 unemployment and issue refunds

For those taxpayers that filed their taxes before the $10,200 unemployment exclusion was approved in the middle of the 2020 tax season, the IRS will automatically recalculate the Federal taxes and plans to start issuing refunds in May 2021. From the official IRS guidance, we can read:  "... This law change occurred after some people filed

By |2021-04-19T01:49:43+00:00April 9th, 2021|Categories: Individuals|Tags: , , |

IRS to recalculate taxes on unemployment benefits; refunds to start in May

As you might now around March 2021, the IRS approved the $10,200 income exclusion for unemployment benefits. The IRS notice IR-2021-71 mentioned that there is no need to file an amended return and that the IRS will recalculate taxes on unemployment benefits. The IRS expects that the refunds will start in May, 2021 for those

By |2021-04-02T18:10:54+00:00April 2nd, 2021|Categories: Individuals|Tags: , , , |

Unemployment benefits – First $10,200 will not be taxable if earnings under $150k

The American Rescue Plan includes a tax break for unemployed workers for the first $10,200 if the earnings are under $150k. This new tax break has been available after some taxpayers have already filed their personal tax return. As a result, in some cases, the taxpayers might have to file an amended return (1040X) to

By |2021-03-18T17:47:45+00:00March 15th, 2021|Categories: Individuals|Tags: , , , |

Getting 1099 G but never filed? Might be identity theft or fraud

If you are receiving a 1099 G - Unemployment compensation or any other income documents that are not applicable to yourself, you might be impacted by identity theft. You should contact The payer or entity that released the 1099 G or other income form to issue a corrected one so you do not have to

By |2021-01-31T06:07:19+00:00January 31st, 2021|Categories: Individuals|Tags: , , , , , |

Unemployment is taxable!

The IRS is reminding the taxpayers that unemployment is subject to taxes. Remember unemployment compensation is taxable Millions of Americans received unemployment compensation in 2020, many of them for the first time. This compensation is taxable and must be included as gross income on their tax return. Taxpayers can expect to receive a Form 1099-G showing their unemployment

By |2021-01-22T18:01:20+00:00January 24th, 2021|Categories: Individuals|Tags: , , |

Executive Order for the extension of federal unemployment benefits ($400 per week)

On Saturday, President Trump signed an executive order aimed at partially extending the $600 per week federal unemployment benefits that expired in July as part of the CARES Act. The Federal unemployment will be $400, which is funded from the nation's Disaster Relief Fund (44 billions). The executive order also established that 75% will be covered

By |2021-01-05T10:56:20+00:00August 11th, 2020|Categories: Individuals|Tags: , , , , |

Receiving unemployment? Careful of the tax bill (Unemployment is taxable!)

We have been informing some of our client to be aware that unemployment is taxable. Otherwise, you can get an unpleasant surprise in next year's taxes. Any State or Federal unemployment received will be taxable and you should received a 1099 - G (Certain Government Payments) tax form in the mail. You will owe taxes

By |2021-01-05T11:14:14+00:00August 4th, 2020|Categories: Individuals|Tags: , , |

NJDOL step by step document – Filing for unemployment for the self-employed (State of NJ)

Please, find attached a New Jersey Department of Labor (NJDOL ) step by step document - Filing for unemployment for the self-employed (State of NJ) UI_process_selfemployed final

By |2021-01-05T11:41:18+00:00April 26th, 2020|Categories: Financial Education|Tags: , |

Federal Unemployment – Pandemic Unemployment Compensation (PUC)

The PUA/ PUC are applicable to independent contractors, self employed, employees that would not qualify for regular state unemployment, etc. They have to file with the State Unemployment and they will get rejected. They will need to keep the document of this rejection in other to apply to the PUA, PUC or similar program once

By |2021-01-05T11:43:03+00:00April 11th, 2020|Categories: Individuals|Tags: , , |
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