Live Breaking News & Updates on Christopher Cicalese
Stay updated with breaking news from Christopher cicalese. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
If possible, hold off on filing tax returns if you collected unemployment in 2020 A new law recently passed as part of President Joe Biden s American Rescue Plan states the first $10,200 in unemployment benefits for single filers won t be taxed, as well as the first $20,400 for married or joint filers. But this law was passed in the heart of tax season, meaning many people are currently filing their 2020 tax returns. So what if someone has already filed their return and reported the unemployment compensation as taxable? Christopher Cicalese, manager at Alloy Silverstein Accountants in Cherry Hill said do nothing. The Internal Revenue Service doesn t want anyone filing an amended tax return at this time. Most likely what will happen is that the IRS will try to figure out an easier way for there to be a mass refund or a mass recalculation where they can use the computer power of the IRS to automatically adjust everyone s tax returns. ....
NJ CPAs help Asbury Park Press readers with tax questions app.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from app.com Daily Mail and Mail on Sunday newspapers.