Helping Hands 2

Attention All Unemployment
Unemployment Compensation Exclusion Update
Due to the recent legislation signed into law form the American Rescue plan act a new unemployment compensation exclusion is now available for up tp $10,200 per taxpayer and additional $10,200 exclusion for spouse for tax year 2020. Please note that returns with unemployment benefits that have already been filed their 2020 tax returns without the exclusion should NOT AMEND returns at this TIME. The IRS STRONGLY urges taxpayers to not file amended returns related to the new legislation until further guidance is provided by the IRS. The IRS maybe able to adjust your return without an amended return being filed.