Lafrenz Nickle CPA Inc

A lot of clients have been calling regarding #stimuluscheck. Here's what you need to know. If you have filed your 2020 return (and the IRS has processed it), then the amount of your stimulus check should be based on the information in that 2020 return. That includes dependents. That means that if you have not filed your 2020 return (or the IRS has not processed it ), the amount of your check will be based on your 2019 return.... That said, since this all happened during the filing season, there is a window in the law to address this problem. The window is 90 days from the end of the filing season OR September 1, 2021, whichever comes first. If your 2020 return is filed and processed before that window closes but after you’ve received your check, the IRS is supposed to send you the difference. IT IS NOT YET clear when or how that will happen (so please do not ask us or your tax professional). #tax #IRS Please keep in mind that I cannot call the IRS on your behalf regarding #stimuluscheck. Please do not send or post your personal information. Thanks to the #taxgirl for posting this information for which this post has been modified from.

Had a another great office birthday today! Happy birthday to Denise Rollf! Thank you for keeping our office well organized and managed!!

What is included in the stimulus bill? Payments of $1,400 for individuals making up to 80k a year, and $2,400 for couples making up to 160k a year Extended unemployment benefits of $300 a week up to September 6, 2021 100% subsidy of COBRA health insurance premiums to ensure that the laid-off workers can remain on their employer health plans at no cost through the end of September... $350 billion to state and local governments and tribal governments for costs incurred up until the end of 2024 $130 billion in additional help to schools for students in kindergarten through 12th grade to reduce class sizes and modify classrooms to enhance social distancing, install ventilation systems and purchase personal protective equipment and to increase the hiring of nurses and counselors and to provide summer school Spending for colleges and universities would be boosted by about $40 billion to provide emergency aid to students to cover expenses such as food and housing and computer equipment $25 billion for restaurants and bars hurt by the pandemic ( up to $10 million per company with a limit of $5 million per physical location). to cover payroll, rent, utilities and other operational expenses. $7.25 billion for the Paycheck Protection Program for businesses including non profit organizations $46 billion to expand federal, state and local testing for COVID-19 $14 billion to speed up the distribution and administration of COVID-19 vaccines across the country increasing coverage under the Obama-era Affordable Care Act Medicaid expansion increase the tax break from $2,000 to $3,000 for every child age 6 to 17 and $3,600 for every child under the age of 6. Earned Income Tax Credit for 2021 expansion by making it available to people without children $30 billion to help low-income households and the unemployed afford rent and utilities, and to assist the homeless with vouchers and other support $10 billion for homeowners who are struggling with mortgage payments because of the pandemic See more

If you have employees or are self employed, ask me how you can receive a tax credit due to COVID restrictions. Read on... https://www.forbes.com//employee-retention-credit--top-t/

We are a woman owned business! Happy International Women’s Day!

Happy New Year! Get that stimulus!

Attention small businesses! CA has some great relief programs starting. Applications start on December 30! https://www.caltax.com//2020-72-apply-for-small-business/

LNCPA will be closed December 24 & 25 for the Christmas holidays. We will also be closed on December 31 and January 1 to celebrate the arrival of 2021. Merry Christmas and Happy New Year to all of our cherished clients!

Congress slated to allow payroll deductions related to the PPP loans. But meanwhile in CA... https://www.caltax.com//2020-71-california-says-no-deduc/

There hasn't been a lot of movement on a stimulus package over the past few months. Now, a bipartisan group claims it's making progress. Here's what's in - and out - under their proposal. #tax #PPP #stimulus #stimuluscheck #unemployment #COVID #studentloans #rent #vaccines

On this day in tax history. #tax #irs https://www.history.com/this-day-in-/capone-goes-to-prison

Happy last official day of tax season 2019! #irs #tax

A judge has agreed that the IRS may not withhold stimulus checks from incarcerated persons. #IRS #tax #incarceratedpersons

Some weekend tax humor.

5 million pieces of unopened mail. Last I heard it was all stacked in 53 semi truck trailers.

There is nothing wrong with a strategy to avoid the payment of taxes. The Internal Revenue Code doesn’t prevent that. U.S. Supreme Court Chief Justice William H. Rehnquist The question is are you willing to stop paying only $200-500 a year for a tax return and invest some money to save taxes and get a return on investment to increase your net worth?

I am posting this from a tax group I am a part of. Very interesting case. And if you know me, you know I always say this. This is why we do not listen to the IRS. Congress makes tax law. If the IRS was right about everything then there wouldn't be a need for the U.S. Tax Court nor a license to represent taxpayers. The CARES Act is the law and it never said that incarcerated individuals cannot receive an economic impact payment. https://procedurallytaxing.com/incarcerated-individuals-w/

Another arrest - and this time, Congress says there's a lot of bad #PPP loans out there. #tax #fraud

Get one of these notices? Here's what happened. #IRS #tax #pastdue #COVID #payrolltax

If it's Friday, then it must be time for #IRS to drop some guidance. So they did. (Spoiler alert: It's not terrific.) #tax #payrolltax #employer #SocialSecurity #smallbusiness #deferral

Finally, some good news on a Friday afternoon! The #IRS will stop sending out those pesky outdated past-due notices. #USPS #tax #taxbills

It's out. The draft 1040 for 2020 is here. Here's a first look. #IRS #tax #1040 #filing #taxreturn

Interest payments coming for 13.9 million taxpayers. #tax #refund #IRS #interest