Apple Tax Services

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CORONAVIRUS 401(K) DISTRIBUTIONS CONTACT APPLE TAX SERVICES FOR SPECIAL PREPARATION OF RETURNS CONTAINING WITHDRAWS FROM YOUR RETIREMENT ACCOUNT On May 4, 2020, the Internal Revenue Service (IRS) issued Q&As under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, providing guidance to 401(k) plan administrators and participants regarding coronavirus-related distributions and enhanced participant loans for covered employees who are affected by the pandemic. T...he Q&As generally expand upon and clarify the rules set forth in the CARES Act establishing the new plan distribution and loan provisions. Generally stated, the CARES Act: Ushered in new coronavirus-related distributions of up to $100,000 from 401(k) plans; and Temporarily increased the limits on 401(k) plan participant loans for qualified individuals from (i) $50,000 to $100,000; and (ii) 50 percent of a participant’s 401(k) plan balance to 100 percent of his or her 401(k) plan balance.

2020 TAX NEWS 1. If you did not receive your economic stimulus payment for you or any dependents including newborns in the year 2020, you can claim this payment on your return. 2. Cares act withdraws from retirement accounts have no penalty and can be reported over a 3 year time frame. ... 3. Advance loans are available and can be paid out via direct deposit into your account within hours. 4. Don't forget to include any unemployment compensation on your returns. 1099-G's will become available on Department of Labor websites in January. 5. Tax returns can be signed securely from your email to aid in social distancing.

If you did not receive your Economic Impact Payment (stimulus-$1200), call Apple Tax Services. 706-243-2595

We have some updates Dear Apple Tax Services community, Operation during COVID-19:... We plan to implement deeper cleaning of our office and limit the number of clients inside the store at one time. Hopefully most clients can schedule appointments which will help to control traffic. Face coverings will be worn by office staff and protective shields will be installed. Apple Tax Services encourages online preparation, allowing clients to email or fax in their documentation. A subsequent phone interview can be provided to discuss additional preparation. E-signature service are available for off-site signing to finalize documents before submission. If you’re looking for more ways to protect yourself and your loved ones, check out the CDC (https://www.cdc.gov/coronavirus/2019-ncov/index.html) website. Thank you so much for sticking with us. We look forward to continuing to support each other during these challenging times.

Stimulus Check? With the Senate approving the $2 trillion stimulus bill, and the House and President indicating their pending approval, we are having frequent conversations with the IRS about how stimulus disbursements will be issued. It is our position that stimulus recipients are best served receiving their payment directly from the IRS via mail. ... If I receive any other updates, I'll be sure to let you know! Stay Safe!

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No increase to child tax credit....please read entire article

IRS Tax Filing Schedule