IR-2021-35, February 11, 2021 With filing season opening on February 12, the Internal Revenue Service urged taxpayers to take some simple steps to help ensure they file accurate tax returns and speed their tax refunds to avoid a variety of pandemic-related issues.
Last year s unemployment benefits could cost Americans $50 billion at tax time By Irina Ivanova How unemployment affects your taxes
With tax season officially starting on Friday, millions of Americans could be in for a shock: owing taxes on unemployment benefits they received in 2020. The federal government and most states consider jobless aid taxable income. But unlike a paycheck, taxes typically aren t automatically deducted from such benefits, with the IRS expecting its cut.
Goldman Sachs estimates people could end up owing as much as $50 billion in taxes on unemployment insurance benefits they got last year as layoffs soared during the coronavirus pandemic come the April 15 tax filing deadline. That could wipe out many taxpayers refunds and even dent the economy.
VA program offers veterans access to banking services Charles S. Tapp II February 11 Packs of freshly printed $20 bills are processed for bundling and packaging at the U.S. Treasury s Bureau of Engraving and Printing in Washington on July 20, 2018. (Eva Hambach/AFP via Getty Images) As chief financial officer at the Veterans Benefits Administration, I am responsible for ensuring veterans and their beneficiaries receive the monetary benefits they deserve. While most veterans opt to receive benefits through direct deposit which is faster, safer and cheaper than getting a paper check in the mail we noticed a significant number of veterans did not have bank accounts and were still receiving checks or prepaid debit cards.