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TAX SEMINARS SINCE 1995

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    No Amendments for Unemployment

    The Commissioner of the IRS announced on March 18, 2021 that the IRS is planning to automatically refund overpayments for taxpayers who received unemployment compensation and who filed their 2020 income tax returns before the enactment of the law that provides a retroactive exclusion of up to $10,200 of unemployment compensation for the 2020 tax year.

    Under this approach, affected taxpayers will not have to file amended 2020 income tax returns to receive the benefit of this retroactive exclusion.

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