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Happy 4th of July!

We hope everyone is enjoying their summer and survived the recent heat wave.  Summer is typically the beginning of wedding season.  Here are some tips from the IRS regarding tax tips for newlyweds.  It also looks like the state has reached a budget deal which includes a second round of stimulus payments and various other grants for businesses.  This legislation has not been enacted but is expected to pass in the next week or two.


Our office will be closed on Monday, July 5th
in honor of Independence Day.

Advanced Child Tax Credit

We have mentioned in past newsletters that changes have been made to the Child Tax Credit.  This week we sent an email with more information to our clients who have dependents.  We suggest that taxpayers opt out of the advance payments unless they are needed.  The IRS has provided a portal for opting out and managing your credit payments.  Please contact our office if you have questions.

Did you know that the California Minimum Wage varies by city?  In certain cities it is set to increase July 1st. 
Here is a link to see which cities have higher rates and what they are changing to on July 1st.
We are looking for a CPA with five years of individual and business tax preparation experience to join our team.  We offer a generous benefits package and flexible hours during the off season.  Interested candidates may send a resume to info@micpachico.com
Reminder: Business Property Tax Bills should be arriving by the end of July.  Payment is due by August 31st to avoid penalties.

Secret IRS Files

Last month there was a lot of coverage after ProPublica obtained the tax returns of thousands of the nation's wealthiest people, covering more than 15 years.  Given our profession, we found these articles interested and thought we'd share them.  
ProPublica - The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax
Associated Press - Many of the uber-rich pay next to no income tax

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