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Bsch4477
Level 5
March 6, 2021
Question

New tax laws

  • March 6, 2021
  • 19 replies
  • 83 views

Assuming passage of the new stimulus bill the increase in CTC applies to 2021. But the forgiveness of tax on the first 10K of unemployment income is effective for 2020 returns. Anyone have any idea how this will be implemented?  A lot of amended returns?

This topic has been closed for replies.

19 replies

IRonMaN
IRonMaN
Level 15
March 6, 2021

Amended returns and a tax season that most likely won't be ending on April 15th.

Slava Ukraini!
    TaxGuyBill
    March 6, 2021

    And it could result in a bunch of tax preparers storming the Senate.   😂

      IRonMaN
      IRonMaN
      Level 15
      March 6, 2021

      Hey - you can't say that kinda stuff here.  Let's each open a Parler account and continue this conversation there 😅

      Slava Ukraini!
        clr600
        clr600
        Level 7
        March 7, 2021

        Where in the new bill do you see the unemployment forgiveness

        BobKamman
        BobKamman
        Level 15
        March 7, 2021

        @clr600 

        You have to wait a day or two until the ink dries.  First they vote on it, then they read it.  

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