IRS sending more than 2.8 million refunds to those who already paid taxes on 2020 unemployment compensation

Author: External Author | Jun 30, 2021 | Categories: Accounting , Accounting Firm , Bookkeeping , Business Set-Up , Corporate Tax Preparation , CPA , CPA Firm , IRS Audits and Notices , Payroll Services , Personal Tax , Small Business Accounting , State Notice issue , Tax Accountant , Tax Planning , Tax Services

The Internal Revenue Service is sending more than 2.8 million refunds this week to taxpayers who paid taxes on unemployment compensation that new legislation now excludes as income.

IRS efforts to correct unemployment compensation overpayments will help most affected taxpayers avoid filing an amended tax return. So far, the IRS has identified 13 million taxpayers that may be eligible for the adjustment. Some will receive refunds, which will be issued periodically, and some will have the overpayment applied to taxes due or other debts. For some there will be no change.

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Original Article Source Credits: IRS, https://www.irs.gov

Article Written By: NA

Original Article Posted on: June 4, 2021

Link to Original Article: https://www.irs.gov/newsroom/irs-sending-more-than-2-point-8-million-refunds-to-those-who-already-paid-taxes-on-2020-unemployment-compensation