To protect taxpayers from scams, IRS orders immediate stop to new Employee Retention Credit processing amid surge of questionable claims; concerns from tax pros

By on    U.S. & World News  

To protect taxpayers from scams, IRS orders immediate stop to new Employee Retention Credit processing amid surge of questionable claims; concerns from tax pros

Editorial credit: Paul Brady Photography / Shutterstock.com Aggressive marketing to ineligible applicants highlights unacceptable risk to businesses and the tax system IR-2023-169, Sept. 14, 2023 Moratorium on processing of new claims through year’s end will allow IRS to add more safeguards to prevent future abuse, protect businesses from predatory tactics; IRS working with Justice Department […]

Taxes and Unemployment: What You Need to Know

By on    Employment  

Taxes and Unemployment: What You Need to Know

Unemployment payments are usually taxed as income by the federal government. That changed, however, in March 2021, when Congress passed the American Rescue Plan. The law provided for people (including joint filers) making less than $150,000 to exclude $10,200 in unemployment benefits from their income when they file their income taxes for the 2020 tax […]