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 return as we will not be able to compute the amount of your refund or payment due accurately until then.
Also pending is a national system-wide software update to account for this new tax law. We do not currently have a timeline for these updates, but we anticipate that this delay may be approximately 7-10 business days.
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