Tax Resolution Attorney John P. Willis Shares A Bit Of Good Tax News That Will Be A Big Relief For Some Taxpayers Hardest Hit By The Pandemic.
Tax resolution attorney John Willis, CEO and founder of IRSALLSTAR writes about the newest COVID relief package that allows taxpayers to exclude unemployment compensation from AGI on 2020 tax returns.
Fairhope, AL, April 27, 2021: Tax Attorney John Willis, CEO and founder of IRSALLSTAR.com, recently published an article on his website entitled “IRS Allows Unemployment Compensation To Be Excluded From AGI On 2020 Taxes,” in which Mr. Willis explains the details of who is eligible and who is not.
Willis writes, “As we all know, the pandemic hit some individuals and families much harder than others.” He continues, “While unemployment compensation helped in many cases, it certainly did not cover all expenses for some, and there are still people barely hanging on despite receiving stimulus checks and unemployment.”
“Do not despair though,” Willis encourages adding, “As a longtime champion for the underdog, I am happy to report that the IRS has made some tax law changes for 2020 returns that will be helpful to many of the taxpayers who have been hardest hit. If you collected unemployment during 2020, you may be eligible for a fairly substantial bit of relief at tax time.”
As Willis explains, “Earlier this month, President Biden signed into law the American Rescue Plan COVID relief package.” He elaborates, “This law enables taxpayers who earned under $150,000 in modified adjusted gross income (AGI) to exclude unemployment compensation of up to $20,400 if they’re married filing jointly or $10,200 for all other eligible taxpayers.”
According to Willis, “If you happen to be an early filer (good for you) and have already filed your 2020 tax return and you collected unemployment during 2020, the IRS knows who you are, and they will start sending refunds later in the spring and into the summer.” He goes on to say, “In fact the Internal Revenue Service recently said that it plans to take steps to automatically refund money to early filers starting in May and continuing through the summer to taxpayers who filed tax returns reporting unemployment compensation prior to the changes under the American Rescue Plan.” He allows that, “This news is good for my firm too, as well as for all tax preparers. We don’t have to file amended returns!”
The entire article can be read at: http://www.irsallstar.com/blog/irs-allows-unemployment-compensation-to-be-excluded-from-agi-on-2020-taxes.php
ABOUT JOHN WILLIS
Mr. Willis believes strongly in supporting and representing the “underdog” and has devoted his entire professional life to protecting and defending those who need it most. As an attorney, Mr. Willis takes his role as “counselor” seriously. His knowledge, creativity and persistence are valuable assets that provide substantial benefits to his clients. He has represented individuals and businesses across the Gulf Coast for over 21 years and, he brings together an abundance of skills and experience that can be of assistance to almost anyone.
ABOUT THE IRSALLSTAR TEAM
The IRSALLSTAR team has developed a winning formula to ensure that each client’s individual needs are specifically met. Upon becoming a client of Mr. Willis’ law firm, that client’s immediate needs are assessed, and long-term goals are defined. Experienced professionals on the IRSALLSTAR team then assist each client in developing and implementing a custom-tailored game plan to provide both short-term and long-term relief from his or her serious tax problems. All firm clients are continually coached toward successful tax resolution and final victory over their challenges with the IRS and state taxing authorities. The entire blog can be found at http://www.irsallstar.com/blog/irs-tax-controversy-even-death-cant-stop-the-irs.php
To learn more about Mr. Willis and his law firm please visit http://www.IRSALLSTAR.com or call toll-free 877-254-4254.