The IRS on Friday issued state rebate and payment guidance for millions of filers urged to pause federal filings. Here’s what taxpayers need to know.
Californians may still face filing challenges
"This is the right ruling by the IRS," said Adam Markowitz, an enrolled agent and vice president at Luminary Tax Advisors in Windermere, Florida."It's unfair to punish taxpayers this late in the game if they were going to change anything." However, he said there may be challenges for California taxpayers because the state already issued them 1099-MISC forms for payments of more than $600, which reported the state's"Middle Class Tax Refund" as a taxable payment to the IRS.Franchise Tax Board"The state of California really did everyone a disservice by issuing 1099-MISC [forms]," said Dan Herron, a San Luis Obispo, California-based certified financial planner at Elemental Wealth Advisors.
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