May 24, 2021

The recently passed $1.9 trillion American Rescue Plan allows qualifying taxpayers who received unemployment during the 2020 tax year to have the first $10,200 of those benefits exempt from their federal income taxes. 

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The IRS has Resumed its U.S. Passport Revocation Program

The IRS recently announced that they are resuming their Passport Revocation Program. Optima CEO David King and Lead Tax Attorney Philip Hwang discuss how this program can cause delinquent taxpayers to lose their passport until they become compliant with the IRS. 

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Unemployment Fraud could affect Individuals this Tax Season

Due to the ongoing pandemic, millions of Americans lost their jobs, many of whom received unemployment benefits from their state agency. As taxpayers start to file their taxes, they need to be aware of scammers looking to file fraudulent unemployment benefits and steal their personal information.

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Filing your Taxes may be much harder this year

The IRS granted taxpayers additional time to file their federal tax returns due to COVID-19 and new stimulus provisions that made the current tax filing season much more complex compared to prior years. With so many new tax law changes, taxpayers should be more cautious when filing their taxes.

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