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Cozad, Nebraska Office:

121 W 9th Street

Cozad, NE 69130

phone:  308 784 1040

fax:  308 784 4603

Lexington, Nebraska  Office:

201 W 9th Street

Lexington, NE 68850

phone:  308 324 4607

fax:  308 324 4608

​​​France & McNally is a full-service accounting firm with locations in Cozad, Lexington, and Ainsworth, Nebraska. We understand small town business and production agriculture and we strive to make all aspects of accounting as efficient and effective as possible.  Our services include, but are not limited to, Financial Planning, Payroll, Bookkeeping, Tax Return Preparations for Individuals, Trusts, Partnerships, Corporations, Governmental and Not-for-Profit clients.  


Our philosophy: we want you to do as much of the accounting work as you want to do and we'll do the rest. We're here to provide you with as much service as you need. 

 

SERVICES:

Tax Planning

Tax Return Preparation

Financial Consulting

Bookkeeping

​Payroll

UPDATE:

2021 Child Tax Credit


The American Rescue Plan Act (ARPA), signed into law in March, caused significant changes to the Child Tax Credit (CTC) for most taxpayers in 2021.


Understanding The American Rescue Plan Act can be confusing. Below outlines some questions that may arise.


If you feel that you are in a situation that makes you feel uncertain about what you should do, please call one of our offices.


1. What is the Child Tax Credit (CTC)?

  • The CTC is a credit given when filing an individual income tax return to help offset the cost of raising children.  The credit will reduce the amount of income tax due and can potentially get extra money back if you are due a refund.


2. What has changed with the CTC?

  • The amount of the CTC has increased to $3,000 per child for ages 6-17, and $3,600 per child under the age of 6 as of December 31, 2021.
  • In the past, up to $1,400 per child was refundable.  The ARPA has now made the expanded CTC fully refundable when filing the 2021 tax return.
  • The minimum income requirement has been removed.  You can now have zero income and still qualify for the CTC.
  • The ARPA has provided an opportunity to receive monthly advanced payments, that are equal to half of the credit amount, between July and December 2021. 
  • The rate that the new expanded CTC will gradually start to phase out has been lowered to $75,000 for single filers, $150,000 for married couples, and $112,500 for head of household filers.


3. How do I get the advanced payments and when do they start?

  • Households with a qualifying child(ren) are eligible to receive the advanced CTC payments.  If the 2019 or 2020 tax return has been filed, nothing needs to be done in order to receive the advanced payments.  The advanced payments will start July 15, 2021, and run through December 2021.


4. What if I haven’t filed a 2019 or 2020 tax return, do I still qualify?

  • The IRS has provided a Non-Filer portal which allows users to update information and register for the advanced payments. 


5. What if I don’t want to receive the advanced payments?

  • The IRS has another portal called the Child Tax Credit Update Portal that allows for taxpayers to opt out of receiving the payments.  If you choose to unenroll in the payments, the deadline is at least three (3) days before the first Thursday of the next month.  At this time, if you have unenrolled, you may not be able to re-enroll until late September 2021. 


6. Are these advanced payments considered income?

  • No, this is not income.  It is an advance of the 2021 CTC that you would normally claim on your 2021 tax return.  The IRS will send you Letter 6419 that will report the amount of the advanced payments you receive.  PLEASE KEEP THIS LETTER AS IT WILL BE NEEDED TO PREPARE YOUR TAX RETURN ACCURATELY.


7. Are these changes permanent?

  • As of right now, this is only for tax year 2021.  However, proposals have been made to make these changes stay in effect for a longer period of time.