2020 Unemployment Benefits Receive Federal Tax Break

Published on March 18, 2021. Article written by Adam Boatsman.

The new stimulus package includes a federal tax break on up to $10,200 of unemployment benefits earned in 2020.

This is a little complicated, as we’re in the middle of tax season and some people filed before the announcement was made, but it could potentially save individuals thousands of dollars.

Encourage your employees to speak with their CPA about this issue, and be sure to reach out to us if this affects you personally.

About the author:

Adam Boatsman is the Owner / Visionary at BGW Advisors.

CPA License: NC #34370

Learn more about Adam and the rest of our team on the Team page.

Our passion lies in partnering with growth-oriented, private, closely held businesses that are frustrated by being stagnant and are ready for lasting change in their businesses and their lives.

BGW is the brand name under which BGW Advisors, LLC provide professional services. BGW Advisors, LLC practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations and professional standards. BGW Advisors, LLC and its subsidiary entities, which are not licensed CPA firms, provide tax, advisory, and other non-attest services to its clients. The entities falling under the BGW brand are independently owned and are not liable for the services provided by any other entity providing the services under the BGW brand. Our use of the terms "our firm" and "we" and "us" and terms of similar import, denote the alternative practice structure conducted by BGW Advisors, LLC.

2020 Unemployment Benefits Receive Federal Tax Break

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