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Unemployment Benefit Tax Break – NBC 7 San Diego


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The newest coronavirus relief bill includes a provision that exempts the first $10,200 of unemployment benefits from taxes. California does not require people to pay taxes on their unemployment benefits, but the IRS does. Because tax season started in February, many people have already filed their taxes.
The IRS has not spoken on how they want us to remove the $10,000 from the returns, Askia-Reese said. We re waiting until they pass down the new language and then our software developers will put that in, and we ll make the adjustment. We ll have a lot of amendments this year. ....

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How to get through a more challenging tax season


The Globe and Mail
Evelyn Jacks
Published March 16, 2021
/iStockPhoto / Getty Images
Get ready for a complex tax season. Aside from the challenge of filing taxes during a pandemic, Canadians face a basic T1 Income Tax and Benefit Return form with various Schedules totalling more than 40 pages for the 2020 taxation year. Although that makes the task more arduous for financial professionals, it can lead to new opportunities.
Against the backdrop of the most significant public health crisis in a century, astute financial advisors can help their clients uncover gaps in their tax and investment strategies as well as engage the whole family in financial planning. ....

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