Due to the COVID-19 pandemic, a large number of the American workforce will be receiving unemployment benefits this year. Believe it or not, this may be the first time many have ever had to file for and receive such benefits. It is temporary assistance given by the government during this transition from regular employment as a result of termination or lack of employment.
These benefits are taxable and the recipients do have the options of having the taxes withheld from each payment or they can be calculated and paid when filing their tax return.
For more on this, the IRS has put together a short video to give taxpayers detailed information about unemployment benefits and the tax impact.
Click on the link below to take a listen.
https://www.linkedin.com/embed/feed/update/urn:li:ugcPost:6709856740910878720
