It’s important to know when the Refunds Today software will be updated based on IRS guidance due to
the American Rescue Plan Act of 2021’s changes to unemployment taxability.
By March 29, 2021, we will have the software updated to
ensure these calculations are based on IRS e-filing guidance and are auto-calculated.
The majority of tax returns filed using Refunds Today are e-filed rather than paper
filings. We want you to be aware the recently
released IRS guidance for handling
unemployment compensations due to the American Rescue Plan Act of 2021 changes
are for paper filings, not those who choose to e-file.
We have chosen not to provide you with workarounds
and manual calculations to input the pertinent data into your tax preparation
filing software. These workarounds would be drawn from recently released IRS
guidance for paper filings and possibly cause rework at a later
date.
At Wolters Kluwer, we are here to support
you during busy season and especially during the peak of your compression
period. We believe taking the time to act deliberately and ensure accuracy is
the best way to support you during busy season. We want you to be right the
first time, not waste time and lose productivity because a workaround didn’t fully
capture the information you need in current and future years.
Make sure to check the Latest Impacts to 2021 Tax Season Filing Dates blog post for more information on State and Federal filing changes.
Wolters Kluwer – when you have to be
right.
