The Senate on Saturday (March 6, 2021) passed its version of the coronavirus relief package, after the House passed its package last week. The House is expected to vote on the revised bill on Tuesday (March 9).
Included in the bill is an unemployment benefit that many taxpayers can use. Although unemployment benefits are usually taxable, a one-time provision would make the first $10,200 of benefits tax-free for people with income less than $150,000. This applies to 2020 only.
We will stay updated on this bill and how it affects our clients.
Included in the bill is an unemployment benefit that many taxpayers can use. Although unemployment benefits are usually taxable, a one-time provision would make the first $10,200 of benefits tax-free for people with income less than $150,000. This applies to 2020 only.
We will stay updated on this bill and how it affects our clients.