Have you been unemployed during the COVID-19 pandemic? If so, it’s a good idea to have tax withheld from your unemployment compensation now to avoid a tax-time surprise. Withholding is voluntary. By law, unemployment benefits are taxable and must be reported on your federal tax return for the tax year it was received. Taxable benefits include any of the special unemployment compensation authorized under the CARES Act. Due to the pandemic, millions of Americans received or are currently receiving unemployment compensation. Recipients can have 10% withheld from benefits to cover part or all their tax liability. To do this, complete Form W4-V and give it to the agency paying the benefits.  Please contact us for more information.     #W4-V