COVID-19 NOTICES

ATS OFFICE UPDATES

Our office is still open; however, we are doing our part in preventing the spread of COVID-19 by temporarily working remotely.

Our office is still filing tax returns. Clients may send their tax documents by phone, email, fax or dropbox.

CORONAVIRUS AID/RELIEF, AND ECONOMIC SECURITY (CARES) ACT.

Key takeaways

  • The federal income tax deadline for filing 2019 tax returns has changed from April 15 to July 15, 2020. The deadline for making 2019 IRA and HSA contributions has also been moved to July 15, 2020.
  • Required minimum distributions (RMDs) from some retirement accounts for 2020 have been waived.
  • The 10% early withdrawal penalty will be waived on aggregate distributions of up to $100,000 from certain workplace retirement plans and individual retirement accounts (IRAs) for COVID-19-related purposes. The individual can elect to pay the federal income tax on the distribution over 3 years or has the option to repay the distribution within a 3-year period to an eligible retirement plan.
  • Recent legislation included several provisions aimed at helping student loan borrowers and students who receive financial aid.

This excerpt was taken from https://www.fidelity.com/learning-center/personal-finance/coronavirus-stimulus-package 

Government Stimulus Checks

The CARES Act includes a provision to send most Americans direct payments of $1,200, or $2,400 for joint filers, plus $500 for each child.

The amount of the payments will be reduced for those with higher incomes. For individuals filing taxes as singles, the reduced amount begins at an adjusted gross income (AGI) of $75,000 per year and is completely phased out at $99,000. For joint filers, the reduced amount begins at $150,000 and payment is eliminated at $198,000.

Your AGI will be determined by your 2019 tax filing (or 2018, if 2019 is unavailable).

This excerpt was taken from https://www.fidelity.com/learning-center/personal-finance/coronavirus-stimulus-package 

Paycheck Protection Program (PPP)

Our friends at Community Bank can help you with all your additional related questions: Contact: Leslie Kelley @ 228.282.2386 or Leslie.kelley@communitybank.net