The CARES Act has created the ability for individuals to withdraw up to $100,000 from retirement accounts such as a 401(k) or an IRA account in total without having to pay a 10% penalty if they are under age 59½.
To qualify for this relief you need to fall into one of two categories.
· You, your spouse or a dependent is diagnosed with COVID-19.
· You have suffered financial consequences as a result of the pandemic. These might include reduced income from being quarantined or furloughed, having your hours reduced, being unable to work due to childcare issues or other issues beyond your control arising out of this situation.
This waiver of the 10% penalty is retroactive to January 1, 2020, so if you had taken a distribution from your retirement plan earlier in the year that had been subject to the penalty it will now qualify for this waiver.
While the distribution will still be subject to taxes as with any retirement account distribution, the tax liability can be spread out over the next three years. Additionally, you will be able to “re-contribute” the money back into the account over the next three years to avoid some or all of the taxes. These contributions can be made without regard to the normal plan contribution limits.
Not all retirement plans will allow these COVID-19 withdrawals, so check with your plan administrator in the case of an employer-sponsored retirement plan like a 401(k) to see if your plan will be offering this option.
The IRS has announced it will extend filing season to July 15th, 2020. The IRS will also extend the time for those who owe until July 15th, with no penalties or interest . WV has also extended the filing deadline to July 15th.
IRA contributions and the 1st Qtr Estimate extended to July 15th. 2nd Qtr Estimated due June 15.
And PLEASE if you are sick, think you are sick or have been around someone who is sick do not come to our office. Call us and we will file extensions for you. Or whatever you need we can do it remotely!
We are still accepting drop offs from ALL clients during normal business hours. You do NOT need an appointment to drop off only. We have created an area on the deck for you to fill out your info sheet if you do not want to wait to come inside or do not want to come inside.
We have the ability and technology to prepare your return remotely. To use this service you must have a smart phone or tablet with a scanner app and access to your email address. Or a computer with a scanner attached. Prior clients send us an email below with your name(s) and the last four of your social and we will send you a link to our encrypted SecureFile Pro site with instructions on how to upload your documents! Sign your return with Veri-sign and pay online also! All done! New clients will have to call the office before we can set up your SecureFile Pro account.
Please understand we are doing everything we can to maintain social distancing and complete your return as quickly and efficiently as possible!
Tax Preparation Information about Cardinal Tax Services:
Affordable tax preparation for all individuals and small businesses.
We charge by the Income Tax Form. We do not charge time nor do we charge by the number of your tax documents!
Pricing of any additional forms vary as needed, such as Sch A, EIC, Heathcare.gov 1095A, Rentals, Sch C etc.
Special price of $13.50 for seniors needing ONLY the WV senior credit form.
Free pickup and delivery for seniors and homebound.
If you are required to file a WV only it is $25.
Tax returns for sole proprietors start at $120.
Tax preparation fees can be withheld from your refund. Receive your refund via check in our office, direct deposit into your account, or a Visa debit card. This product is offered through MetaBank and their fees are deducted from your refund. Cardinal Tax Services does not charge you for this service.
We also offer the Refund Loan Program up to $6000 of your refund. No fees if loaded onto Meta Bank/EPS Financial E1Visa Debit Card.
Bookkeeping & Payroll
Experienced and accurate bookkeeping.
After Tax Season Hours
(April 15 thru Jan 21st approx)
Monday - Friday: 8:30am - 4pm
Saturday: By appointment
Closed all major holidays and Black Friday