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new unemployment law

Budmeister
Level 3

Asking how others are handling on the tax input the new $10,200 credit for unemployment forgiveness?  Just subtracting from total received?  or is proseries or IRS having an up date with a new schedule?

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5 Comments 5
dascpa
Level 11

How about waiting for IRS to finalize it, and then all the software companies to update their software.  Days to weeks to months. Do it your own method and risk future problems.

wallacedk
Level 2
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dascpa
Level 11

We are all aware of this as it's been posted on this board many times. Does not change my last post. Wait until ProSeries and the 43 states figure out how it's being handled.

wallacedk
Level 2

I hear you.  However, if the return is calculated and documented correctly per the IRS guidance for paper filers, and the are no state tax implications for the client, then you should be safe filing the return.  

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dascpa
Level 11

It's your tax practice. Do what you want.  I have been preparing taxes for 39 years, before we had computers doing this.  My suggestion is to wait until ProSeries updates their software.