Douglas L Edwards PA

One of the tax implications of the Biden Covid Relief bill is that the first $10,200. of unemployment insurance received in 2020 is tax free. The IRS is in the process of developing or modifying a form to reflect this change. For those who have already filed their return, the IRS is holding your return if it reflects the receipt of unemployment compensation. They advise at this time not to file an amended return.

I have just been notified by the IRS that personal taxes, Form 1040 will not be able to file until some time in Mid February. This is no reason to delay preparing your taxes. Call for appointment the sooner the better.