The Department of Labor reported a staggering 75.9 million initial unemployment insurance benefits claims from January 5, 2020 to January 2, 2021. The number of weekly claims spiked in March, underscoring the devastating financial impact of the COVID-19 pandemic and creating millions of first-time unemployment recipients who might not realize that those benefits are taxable.… Read more about Unemployment Recipients May Not Know Their Benefits Are Taxable (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…

No matter what strategy taxpayers use to get their income taxes filed, gathering critical documents now can help make this tax season headache-free.… Read more about A Little Preparation Now Means Smooth Tax Filing Later (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…

The Internal Revenue Service closed out the week by reminding taxpayers that receiving a tax refund by direct deposit is faster and more flexible than traditional paper checks, even for those who do not currently have a bank account.… Read more about IRS Recommends Direct Deposit for Fast and Flexible Tax Refunds (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…

A recently released notice allows employers who elected to defer certain employees’ taxes to withhold and pay those deferred taxes throughout 2021 – instead of just the first four months of the year.… Read more about Employers Can Withhold, Make Payments of Deferred Social Security Taxes from 2020 (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…

The Internal Revenue Service has issued a notice that seeks to expand relief for funds and investors affected by the COVID-19 pandemic.… Read more about IRS Notice Extends Relief for Qualified Opportunity Funds and Investors (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…

The Internal Revenue Service has set Friday, Feb. 12, 2021, as the start of the nation’s tax season. That’s the day the agency will begin accepting and processing 2020 tax year returns.… Read more about Filing Season Set to Begin Feb. 12 (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…