Stoecklein CPA LLC

Stoecklein CPA LLC CPA Firm providing personalized and comprehensive tax and accounting services. Stoecklein CPA has e

The IRS will send Letter 6419, 2021 Advance CTC, starting late December 2021 and continuing into January. The letter wil...
12/26/2021

The IRS will send Letter 6419, 2021 Advance CTC, starting late December 2021 and continuing into January. The letter will include the total amount of advance Child Tax Credit payments you received in 2021 and the number of qualifying children used to calculate the advance payments. You should keep this and any other IRS letters about advance Child Tax Credit payments and provide this to me with your other tax information.

You can also check the amount of your payments by using the CTC Update Portal available on IRS.gov.

11/06/2021

Infrastructure Investment and Jobs Act Passes
The Infrastructure Investment and Jobs Act passed the House last night. There are some tax impacts from this bill but there are very few compared to the proposed Build Back Better Act. Approximately $50 Billion of net tax impact from the Infrastructure bill which compares to $2 trillion proposed in the Build Back Better Act.

Crypto
Digital assets (aka Crypto such as bitcoin) will have reporting requirements starting in 2023. If you are buying and selling digital assets you can expect to receive tax reporting (1099-B) from your broker.

Employee Retention Credit
The ERC was scheduled to end at the end of the year, but this bill will end it 3 months earlier. So, wages paid on or before September 30, 2021 will be eligible for the ETC but the program will terminate on October 1st.

Excise Taxes
Several excise taxes such as fuel taxes and heavy vehicle taxes were extended. No incremental taxes but just extending ones we already have.

Revised Biden Tax ProposalThe White House released a new proposal in the ongoing Build Back Better legislation. The tot...
10/28/2021

Revised Biden Tax Proposal
The White House released a new proposal in the ongoing Build Back Better legislation. The total cost was lowered to $1.75 Trillion over 10 years, and revenue offset (new taxes) is nearly $2 Trillion. The good news is that many of the provisions we were worried about are not included. The target of the taxes appears to be large and multinational corporations, billionaires, and IRS enforcement.

What's NOT included.......increases in marginal rates and capital gains, elimination of 1031 exchanges, taxation of promoted interests, and estate tax step up, to name a few.

Potential changes in the Medicare tax could impact S-corps making over $400,000 of net taxable income. Further, the proposal assumes a net additional $400M of tax revenues coming from audits and additional IRS scrutiny.

Things remain up in the air, so we will continue to monitor and provide a more complete update once the legislation is finalized.

09/25/2021

Welcome to Stoecklein CPA LLC. We are a CPA firm providing comprehensive tax and accounting services. We specialize in helping real estate investors with tax planning.

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Bridgeville, PA
15017

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+17243508454

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