Accurate Accounting & Income Tax Service

IRS Releases Draft Form 1040: Here’s What’s New For 2020 The Internal Revenue Service (IRS) has released a draft of Form 1040, U.S. Individual Income Tax Return. There are several notable changes to the form proposed for the tax year 2020 - the tax return that you will file in 2021. 1. Virtual currency. At first blush, the top of the return does not look much different from the 2019 tax return with one rather interesting exception: the virtual currency question's placement. A... new cryptocurrency compliance measure for taxpayers was introduced in 2019 in the form of a checkbox on the top of Schedule 1, Additional Income and Adjustments to Income. Schedule 1 is used to report income or adjustments to income that cannot be entered directly on the front page of form 1040. 2. Charitable Cash Contributions. Due to the CARES Act, charitable cash contributions of up to $300 are temporarily above-the-line deductions. That means that you do not have to itemize to claim those deductions. 3. Stimulus Checks. Reporting Stimulus Check from the CARES Act. There is a separate reconciliation schedule that will carry over to page two of your Form 1040. This is to aid taxpayers that DID NOT receive their stimulus payment or did not receive the correct amount (less than expected). Everyone would do this form if you received or would have received the stimulus payment but did not due to an offset (such as student loan debt in arrears and others). IMPORTANT: If you received too much you DO NOT have to pay it back. 4. Amount You Owe. Usually, figuring the amount you owe is simple: it's tax due, less credits and payments. But there is a new line for 2020 which notes: Schedule H and Schedule SE filers, line 37 may not represent all the taxes you owe for 2020. Under the CARES Act, employers may defer the deposit and payment of the employer's portion of Social Security taxes. The deferral applies to deposits and payments of the employer's share of Social Security tax. What does that have to do with Form 1040? The relief also applies to self-employed persons. There are more changes to come since the IRS just released a slew of draft returns, but this gives you a sense of the direction things are heading (spoiler alert: more complicated, not less). A cautionary note: This is a draft return, and not yet the real thing. That means, reminds the IRS, "Do not file draft forms and do not rely on draft forms, instructions, and publications for filing." The IRS cautions that "unexpected issues occasionally arise, or legislation is passed" which means that this form could look a lot different in the final version that it does now. Things could change - and if we have learned anything from 2020, it is that they probably will. Reference: https://www.forbes.com//irs-releases-draft-form-1040-her/

We lost a great man last night. My father-in-law, Robert Bradley joined his wife and my fabulous mother-in-law, Francine Bradley. Your souls are with our Heavenly Father. It is my peace of mind that we shall all be together again with our Lord. Love you both. Could not have ask for better in-laws.

Heads up folks! Your stimulus payment will not direct deposit into your bank account, if you owed taxes in 2018 or 2019 (if already filed). Read below:

Treasury, IRS launch new tool to help non-filers register for Economic Impact Payments For those who don’t normally file a tax return, the process is simple and only takes a few minutes to complete. First, visit IRS.gov, and look for Non-Filers: Enter Payment Info Here. Then provide basic information including Social Security number, name, address, and dependents. The IRS will use this information to confirm eligibility and calculate and send an Economic Impact Payment. Us...Continue reading

https://www.irs.gov//irs-operations-during-covid-19-missio

The shelter in place continues. https://www.facebook.com/GovKemp/videos/556721368382247/

https://www.facebook.com/taxhelpadvice/

Shared Report from The Motley Fool. When I share a report, I first verify the information before posting it. Good information below. Owe Taxes During the COVID-19 Outbreak? Here's What to Do. Talk about a really bad time to owe the IRS money....Continue reading

The Shelter in place rules in Georgia and how it affects our business. I have highlighted the areas in the provided official document. We will be following these guidelines as a non-essential business. In addition, until the Shelter in place is lifted, we will only be taking drop-offs of your documents in the black lock-box on the front porch of the office or the side door of the house. If your documents will not fit in either of these drop-off locations, please text or call ...us at 706-353-2179 for further instructions. As far as the actual tax filing is concerned, we will contact you individually via call, text, or email. Be sure to include this information with your documents. Also, be sure to contact us by text or call to alert us when to retrieve your documents from the drop-off location. We will be checking these through the day, every day. We will be practicing the social distancing guidelines among others. Thank you for your understanding and your business. New clients are welcome. The office address is at 2850 Seagraves Mill Rd., Hull, GA 30646. The office is behind the house. Now I will attempt to attach the Shelter in Place official document. See more

Here is a useful article from Turbo Tax. Instead of reinventing the wheel, I just share their article. https://ttlc.intuit.com//do-i-need-to-file-a-fede/01/25546

If you need help with your business, look into this. https://www.sba.gov/funding-programs/disaster-assistance