Taxpayers and tax preparers have been highly impacted by the quickly-changing COVID-19 mandates from the US government and the IRS. Team Rapidly is here to help keep you informed in the dynamic tax code landscape.
The additional $600 boost to Unemployment benefits nationwide is set to end on July 31, 2020. This provision via the CARES Act, passed by Congress in March 2020, allocated an additional $600 per week on top of US taxpayers' approved Unemployment benefits amount.
For taxpayers whose additional weekly $600 is ending on July 31st:
Your standard weekly benefits amount will continue until the date listed on your benefits letter, as long as you meet your state's elibility requirements
Expect to receive your standard Unemployment benefits amount after this date, until there are further provisions passed by Congress
For taxpayers still pending Unemployment Insurance approval:
After approval, you will receive retroactive payments for the $600 Unemployment benefits boost, dated back to your benefits eligibility date
More information on retroactive Unemployment Insurance payments can be found here
For taxpayers seeking financial assistance options:
For tax professionals:
Your clients may be adversely impacted by the loss of the Unemployment benefits boost on July 31. During this economic crisis, tax professionals can check in with clients, act as trusted advisors, and pass along valuable resources for financial assistance such as the ones above.
For more information on Unemployment Insurance during COVID-19, please visit the US Department of Labor.