The IRS announced they will be sending refunds to the approximately 13 million taxpayers affected by the tax law change regarding unemployment compensation received. On March 11, President Biden signed into law the American Rescue Plan bill which makes unemployment compensation up to $10,200 non-taxable for federal income tax. Many taxpayers filed their returns before this change occurred and are due a refund. The IRS is processing these refunds without amended returns.
Read more from the IRS Newsroom.
Like what you’re reading?
Subscribe to our FREE newsletter and we’ll deliver content like this directly to your inbox.
Liz Mason is a serial entrepreneur, a giant nerd, and an involved accounting vanguard. She is the Founder of High Rock Accounting, Rebel Rock Accounting, TheDepartment.Tax, and a few other related brands. Liz speaks on a national stage, guests stars on podcasts, and writes frequently. To further her passion for the advancement of the accounting profession, Liz currently serves as a Xero National Ambassador and as the Content Strategist for Tax Practice News.
Liz started her career in tax at Grant Thornton (at 20) and automated a portion of her job landing her in the national tax practice. She spent a decade in large public accounting firms working on highly technical tax consulting before branching off on her own. Liz utilizes her creativity and passion at her company to uproot traditional practices and replace them with innovative concepts. She finds joy in efficient technology and her core belief is that everyone and everything can continuously improve (she says "be better" too often).
When Liz isn't planning world domination in accounting, she is a die-hard skier, down for any adventure, plays the ukulele, reads everything, and has a good sense of humor. If you're looking for her, you can find her traveling the world and enjoying new food and cultures with her young son.
Follow Liz and High Rock Accounting on Twitter at @LizzyNorMa and @HighRockCPAs.