IRS Guidance Trickles In For The American Rescue Plan
With the recent passage of the American Rescue Plan, many taxpayers have a ton of questions. Guess what? So do tax professionals. We know what is in the law, but we don't really know how the IRS will implement it. However, that has now changed. While we don't have much information, we will share what we do know. Do NOT Amend Your Tax Return If You Received Unemployment The new law allows for a retroactive tax change in which the first $10,200 of unemployment income in 20
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