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Roberts Accounting, CPAs, P.C.
- Mar 12
- 1 min
The American Rescue Plan Act 2021. How may it benefit you?
President Biden signed the American Rescue Plan Act into law yesterday, triggering the release of $1,400 Economic Impact Payments along with tax breaks for stimulating the economy. The top three tax highlights of the Act are the following: The first $10,200 in unemployment benefits is exempt from Federal taxes for households earning up to $150,000. There is a one-year expansion of the child tax credit to up to $3,600 per child. The Employee Retention Credit is extended throug

Roberts Accounting, CPAs, P.C.
- Mar 11
- 1 min
Tax Changes to your 2020 Unemployment Insurance Income.
With the pending passage of the American Rescue Plan Act of 2021, the first $10,200 of your unemployment insurance income will not be taxable for 2020. This change will have a meaningful and beneficial impact on your tax return! President Biden is expected to sign the bill into legislation tomorrow; however, we are not yet aware of New York's intention to conform with this new legislation. Unfortunately, this pending decision will potentially delay the filing of your tax ret
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