Unemployment

[cruiser626]

I was wondering about the tax returns that we have already done.  I guess we will be expected to go back and make all the tax returns we have done and find the ones that had unemployment?  

[LG-CPA]

The IRS doesn't want anyone to amend tax returns if they filed already but paid tax on unemployment.  It is possible the IRS will adjust and send out refunds.

[BobKamman]

It will take IRS a few weeks to figure out it's impossible to adjust on their own.  They can find returns reporting unemployment, and they can find returns with a negative number on Line 8 of Schedule 1, but they can't automatically determine if that number relates to the unemployment received.  They can also match 1099-G data from states to returns, but they can't tell how much of it was already deducted on Line 8 (maybe the taxpayer had an NOL), and they can't recompute some of the other deductions and credits that depend on AGI.  

[LG-CPA]

Agreed - I think their "don't amend yet" is just a stall-tactic because they are overwhelmed.  Thanks Congress!  We all appreciate that you crapped up yet another tax season.

[BobKamman]

Thanks Congress! We all appreciate that you gave our clients the ability to discern which preparers have the flexibility and temperament to adjust to challenges.  

[LG-CPA]

Hmmm...was that a dig?  Just checking my ability to "discern".

[rbynaker]

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@LG-CPA wrote:

Hmmm...was that a dig?  Just checking my ability to "discern".

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You can retire now.  You've made it to the esteemed "picked on by BobKamman" level.  I believe as part of the updated Community Guidelines you're not permitted to express an opinion contrary to Bob's.