• After looming uncertainty over new retroactive unemployment credits, IRS clarifies specifics
  • Those who qualify but have already filed: do not amend your return

The IRS has released a statement last week—not yet official guidance—regarding the American Rescue Plan’s (ARP) new retroactive unemployment provisions:

“For those who received unemployment benefits last year and have already filed their 2020 tax return, the IRS emphasizes they should not file an amended return at this time, until the IRS issues additional guidance.”

Chuck Rettig, IRS Commissioner, repeated the message at a congressional hearing last Thursday: “We believe that we will be able to automatically issue refunds associated with the $10,200.”

The IRS has released updated forms for those who have not yet filed and wish to claim the benefit. Taxpayers who qualify but have already filed should wait for the IRS’s official guidance before hastily amending their 2020 returns. While the agency has not yet clarified specifics on how to retroactively receive the refundable credit, tax preparers can breathe a momentary sigh of relief, hearing the words “automatically issue refunds.”

DSJCPA is here to help. Call our offices at 516-541-6549 to learn about the available tax credits and benefits available to you and visit our website for more information and news

Devin McQuillan
Associate, Creative Solutions

Contact:
516-541-6549 | Email

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