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2020 Unemployment Compensation

ramledray
Level 2

I am hearing that a change for 2020 is likely to be approved making a portion of Unemployment Income non-taxable.  If so, how much time should we expect Intuit to require to make such a change to ProSeries so that we are able to reasonably predict to our clients when we will be able to either file, or amend, their 2020 income tax returns to reflect such a change?

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5 Replies 5
garman22
Level 12
Level 12

Predicting is bad........I tell mine that I will reach out when I am ready to go.

ramledray
Level 2

My question was intended to ask Intuit for their best estimate or prediction of a program update schedule.  (I understand it is a similar principle, I just wanted to find out how ProSeries will respond to the question.)  Thanks!

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TaxGuyBill
Level 14

Intuit can't do much until there is guidance from the IRS for what to do.  So we all need to wait for that IRS guidance.

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garman22
Level 12
Level 12

As @TaxGuyBill mentioned, the IRS must update their systems which could take a day or a month so its impossible for Intuit to estimate how long before they are ready. 

abctax55
Level 15

From the dozens of posts regarding this; 

From Intuit:

While we await President Biden's signature on the American Rescue Plan, we are monitoring the situation very closely and will provide updates as they are available. For the latest and greatest, check out our COVID-19 Resource Center, our Tax Pro Center post about the American Rescue Plan, or the Tax Law and News on the Tax Pro Center. Of course we will also post any relevant product updates here in the Accountants Community under the News & Updates sections in the community.

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

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