IRS Statement – American Rescue Plan Act of 2021 – The IRS is reviewing implementation plans for the newly enacted American Rescue Plan Act of 2021. Additional information about a new round of Economic Impact Payments, the expanded Child Tax Credit, including advance payments of the Child Tax Credit, and other tax provisions will be made available as soon as possible on IRS.gov. The IRS strongly urges taxpayers to not file amended returns related to the new legislative provisions or take other unnecessary steps at this time. The IRS will provide taxpayers with additional guidance on those provisions that could affect their 2020 tax return, including the retroactive provision that makes the first $10,200 of 2020 unemployment benefits nontaxable. For those who haven’t filed yet, the IRS will provide a worksheet for paper filers and work with software industry to update current tax software so that taxpayers can determine how to report their unemployment income on their 2020 tax return. For those who received unemployment benefits last year and have already filed their 2020 tax return, the IRS emphasizes they should not file an amended return at this time, until the IRS issues additional guidance. -March 12, 2021
Source: https://www.irs.gov/newsroom/irs-statement-american-rescue-plan-act-of-2021
- More details about the third round of Economic Impact Payments – “The Internal Revenue Service, on behalf of the Treasury Department, worked to quickly begin delivery of the third round of Economic Impact Payments authorized by Congress in the American Rescue Plan Act in March 2021. Here are answers to some common questions about this set of stimulus payments, which differ in some ways from the first two sets of stimulus payments in 2020, referred to as EIP1 and EIP2.” https://www.irs.gov/newsroom/more-details-about-the-third-round-of-economic-impact-payments
- Recovery Rebate Credit – The IRS and Treasury have issued all first and second Economic Impact Payments. If you didn’t get any Economic Impact Payments or got less than the full amounts, you may qualify for the Recovery Rebate Credit and must file a 2020 tax return to claim the credit even if you don’t normally file. https://www.irs.gov/newsroom/recovery-rebate-credit
- 2021 Economic Impact Payment Status Available – Find when and how the IRS sent your 2021 Economic Impact Payment with the Get My Payment tool. https://www.irs.gov/coronavirus/get-my-payment
- Coronavirus Tax Relief, Recovery Rebate Credit and Economic Impact Payments for Individuals and Families – Find help for individual and families affected by the coronavirus (COVID-19). https://www.irs.gov/coronavirus/coronavirus-tax-relief-and-economic-impact-payments-for-individuals-and-families
- Internal Revenue Service’s official YouTube channel – Featuring IRS-produced videos on various tax administration topics, to include topics regarding coronavirus (COVID-19) tax relief and Economic Impact Payments https://www.youtube.com/user/irsvideos/featured
- Questions and Answers about the Second Economic Impact Payment – List of frequently asked questions and answers about the second Economic Impact (Stimulus) Payment, separated by topic. https://www.irs.gov/coronavirus/second-eip-faqs
- Coronavirus Tax Relief for Businesses and Tax-Exempt Entities – Information on coronavirus (COVID-19) tax relief for businesses and tax-exempt entities. https://www.irs.gov/coronavirus/coronavirus-tax-relief-for-businesses-and-tax-exempt-entities
- Coronavirus Tax Relief for Health Plans and Retirement Plans – Information on coronavirus (COVID-19) tax relief for health plans and retirement plans. https://www.irs.gov/coronavirus/coronavirus-tax-relief-for-health-plans-and-retirement-plans