Preferred Accounting LLC

NEW TAX CHANGES
Summary: The American Rescue Plan Act of 2021 makes a portion of 2020 unemployment compensation non-taxable for certain filers and eliminates repayment of excess funds received through the Advance Premium Tax Credit!

A) Unemployment Compensation - New Exclusion
Last Night, the IRS released more details on the new exclusion of up to $10,200 (per spouse) of Unemployment Compensation.

B) Repayment of the Advance Premium Tax Credit - Office IRS guidance is forthcoming.

Our goal, as always, is to provide the best tax advice and tax preparation service to our clients. We ask for your continued patience while we analyze the change and update our systems.

If we already filed your 2020 return and these changes affect you, someone from our office should contact you before 3/25/21 to explain how these changes will impact you.

Please remember to vote for Preferred Accounting for Best Place to Have Your Taxes Prepared in the Nugget! Thank you 😊