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Taxes looking different this year based on pandemic employment changes

Read more at wbng.com

(WBNG) — The pandemic has filing taxes looking a bit different this year due to employment changes.

Relief Aid, working from home, and unemployment might have some residents more confused when filing their taxes this year.

Local accountants say to review the files you get so they’re more understandable.

Officials say some may be taxed for unemployment if there is not sufficient withholding. Officials say many individuals are surprised to find out these factors are sometimes taxable.

Brandon Sunderlin, CPA Partner at Johnson, Lauder & Savidge LLP says, “a lot of people don’t know that [unemployment] is something to tax. A lot of individuals may not have had withholding on that, and they may be hit with a tax balance when they filed a return-to if they didn’t have a sufficient return on that unemployment money.”

Accountants say other differences include charity deductions.

Also in talks is how the Payroll Protection Program Loans work and the potential efforts to change them.

Sunderlin said of the payroll protection program loan that it is being determined how it’s going to be treated on the return. He says the IRS is taking the position that any deductions can not be used in the return that was utilized for making payments with money from the payroll protection program.

They also say the deadline to file this year may be changed which, they say, could benefit more people.

Read more at wbng.com

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