IRS: Wait to Refile for Unemployment Exclusion
Recipients of unemployment benefits in 2020 were relieved to learn that the recently enacted American Rescue Plan retroactively exempts the first $10,200 in benefits from income taxes. But what about those who already filed their 2020 tax returns? Should they file an amended return to reflect the new provision?

Not yet, says the Internal Revenue Service (IRS). The IRS is asking taxpayers who received unemployment compensation and have filed their tax returns to wait for additional guidance before filing an amended return. The agency needs more time to prepare guidance on this and several other provisions of the American Rescue Plan that impact taxes.

Have questions about this or other tax issues? Contact Gray, Gray & Gray at (781) 407-0300.
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Everything You Need to Know About Employee Retention Tax Credits
Tuesday, March 23rd
1:00pm - 2:00pm EST

Gray, Gray & Gray will be hosting a free webinar to help businesses explore reasons why you may want to apply for and manage ERTC, including balancing ERTC with PPP loans. Join Gray, Gray & Gray Leaders Jim DeLeoKelly BerardiBrad Carlson and Derek Rawls as they answer your questions about the ERTC program.

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Gray, Gray & Gray Coronavirus Response and Resources
At Gray, Gray & Gray, we remain committed to helping our clients and friends successfully manage their businesses and individual finances during this challenging time. Please click below for ongoing updates on our response to the coronavirus crisis as well as resources. From informative webinars and articles, to links to helpful resources and recent eblasts, we are committed to assisting and supporting you. 
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The information contained in this communication (including any attachments and/or re-directs to other online sources) is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code. 

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