JACKSON, Miss. (WJTV) – Due to the coronavirus pandemic, the Internal Revenue Service (IRS) has pushed the tax filing deadline to Monday, May 17. Certified Public Accountant Tony Huffman talked about how the IRS changed tax rules on employment benefits.
“When preparing your tax returns, be prepared to make sure you take advantage of the deduction and not pay taxes of the first $10,000 of your unemployment benefits,” he stated.
Giving these changes, Huffman said he recommends that people who have received unemployment benefits to see a tax preparer or read the rules very diligently to see how to do that.
Huffman also shared that refunds are not being delayed to taxpayers especially if they have electronically filed.
“Ironically, the state is being more expeditious than the federal government right now. I’m seeing state refunds being issued within 7-10 business days of those who have electronically filed a return. IRS has taken in between 4-5 weeks.”
He noted that if you send your tax returns by mail, delays are expected.