RELATED: Some shocked to learn they owe hundreds or thousands in taxes from unemployment benefitsAdditionally, the extension gives the IRS time to issue guidance on recent tax law changes.
The American Rescue Plan excludes the first $10,200 of unemployment benefits from federal taxes for those making less than $150,000.Advertisement"Never before has the law changed so substantially in the middle of tax filing season," Patrick Thomas, director of Notre Dame Law School’s Tax Clinic, said in a statement.The IRS must issue guidance for taxpayers and tax preparers alike as millions of returns already filed likely do not account for this change.A number of lawmakers and professionals from the tax community have urged the tax filing season be.