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Tag: unemployment

Got Unemployment Compensation? Don’t Rush to File or Amend Just Yet!

Written on . Posted in American Rescue Plan, Financial Planning, State & Local Tax Services, Tax, Unemployment.

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager Last week, the $1.9 trillion American Rescue Plan Act of 2021 signed into law by President Biden included a very welcome retroactive tax provision for unemployed workers.  The bill provides that up to the first $10,200 of unemployment compensation benefits, paid to you in 2020, can now be excluded from taxable income, provided household income is under $150,000.  Although a very welcomed provision for the unemployed, there...

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Unemployment Fraud Alert

Written on . Posted in Uncategorized.

The increased number of unemployment filings over the past few months in the wake of the COVID-19 pandemic has led to a surge in the number of fraudulent claims filed, as reported by many states across the country.  In many cases, third parties attempt to file for unemployment insurance benefits using the name and personal information of someone else who is not out of work.  Employers are finding they are receiving claim notices for individuals that are either actively employed or...

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