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What’s new from CongressJobless benefits extended President Obama signed legislation on July 22 providing six additional months of jobless benefits for the long-term employed. The Unemployment Compensation Extension Act of 2010 (HR 4213) provides up to 99 weeks of unemployment benefits to individuals who have exhausted state unemployment assistance. The bill will extend for six months the unemployment benefits of 5 million eligible workers, including retroactive payments to 2.5 million workers who had benefits cut off when the money ran out in June. The cost to taxpayers is estimated at $34 billion. The technical information here is necessarily brief. No final conclusion on these topics should be drawn without further review and consultation. Please be advised that, based on current IRS rules and standards, the advice contained herein is not intended to be used, nor can it be used, for the avoidance of any tax penalty assessed by the IRS. © 2010, CPAmerica International. All Rights Reserved. |
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