1275 Wampanoag Trail • Suite 3A • Riverside, RI 02915
Get ahead of the game! Whether you need help with managing your wealth, setting up an investment plan, or putting together a savings plan for a lifetime goal, we can help you to plan and manage your financial future so that you have clarity and confidence.
Retirement is within sight. We're here to help remove the guesswork and anxiety. We will help you make strategic decisions and enter retirement feeling more confident about your future, so that you can enjoy your retirement.
Make the most of your retirement. We'll help you preserve your income, try and show you strategies aimed towards reducing taxes in the future. We can try and help you achieve your goals. And, if you want to leave a legacy to your family, we will help implement different estate planning, tax, and asset management techniques so your money goes where you want it to.
With 4 weeks remaining this tax season, it looks like many people will need an amended return for 2020.
The tax software providers and the IRS computers are not yet prepared to handle the newly passed legislation.
The IRS has advised that you should NOT yet amend returns that had Unemployment Compensation or Repayment of the Advance Premium Tax Credit. Official IRS guidance is forthcoming.
If you have already filed your 2020 tax return, and you need an amended tax return, we will not be able to process them until after April 15th.
2021.03.13 Broadcast - Unemployment Compensation – New Exclusion
Drake Software Broadcast Center
Unemployment Compensation - New Exclusion
Last night, the IRS released more details on how to report the new exclusion of up to $10,200 (per spouse) of Unemployment Compensation.
Our goal, as always, is to make timely changes to the software. We ask for your continued patience while we analyze, implement and test the necessary software changes. We will be working diligently to incorporate this new Unemployment Compensation Exclusion Worksheet and we'll email you again when we release the update.
In addition, we are actively working with state tax agencies to determine how states plan to address the federal tax law changes brought about by the American Rescue Plan Act of 2021. For state conformity updates, please see KB article 17148. We will update this article as we receive information from the states.
Please stay tuned for information about the Advance Premium Tax Credit (APTC) — the IRS's first priority was the Unemployment Exclusion change and we expect more information on the APTC in the near future.
The IRS has advised that you should not yet amend returns that had Unemployment Compensation or Repayment of the Advance Premium Tax Credit. Official IRS guidance is forthcoming.
John Woodard, CPA
Woodard & Clark Tax & Wealth Advisors
1275 Wampanoag Trail - Suite 3A
Riverside, RI 02915
Office: (401) 433-5858