Latest Stimulus Package Changes Tax Treatment of Unemployment Benefits Received in 2020 by Joanie B. Stein, CPA
Posted on April 07, 2021 by Joanie Stein
The American Rescue Plan (ARP), signed into law on March 11, 2021, allows eligible taxpayers to exclude from their 2020 taxable income up to $10,200 in unemployment benefits they received last year. This relief is subject to certain restrictions and limitations as well as further changes as the IRS continues to issue guidance. Ordinarily, unemployment […]