L. Lopez CPA & Associates

09/09/2026

The Top 5 Tips for Extension Filers

Extension filers don’t have to wait until Oct. 15, 2026, to file their federal tax return. Taxpayers are encouraged to take steps to help them prepare an accurate return. Let’s go over a few tips to make completing the return quick and easy.

Gather and review tax documents
Complete and accurate records can reduce errors and delays. Individual taxpayers can access their IRS Individual Online Account to view account information and transcripts, make payments, and manage communication preferences.

Use IRS Free File, if eligible
Taxpayers can see if they are eligible to file their return for free through IRS Free File. The program is available to taxpayers who had an adjusted gross income of $89,000 or less in 2025. IRS Free File is guided tax preparation and can help taxpayers determine their eligibility for many valuable tax credits.

IRS Free File Fillable Forms is available to taxpayers who are comfortable preparing and filing their own returns. Regardless of income level, taxpayers can still electronically file their returns at no cost.

Additionally, many Volunteer Income Tax Assistance and Tax Counseling for the Elderly still offer free basic tax return preparation to qualified individuals, including:
• People who generally qualify for the Earned Income Tax Credit
• Persons with disabilities
• Limited English-speaking taxpayers
Some may choose to use a tax professional to complete and file their return.

Don’t wait until the last minute
The extension to file is not an extension to pay. The deadline for extension filers is Oct. 15, 2026. Taxpayers should file electronically and choose direct deposit for their tax refund – it's the fastest and safest way to receive their money.

Taxpayers in disaster areas may have more time to file. Information on the most recent tax relief for disaster situations is available on the IRS website.

Payment options
Those who owe taxes and can't pay their balance in full should pay as much as they can to reduce interest and penalties for late payment. The IRS has options for people who can't pay their taxes, including applying for a payment plan on IRS.gov. Taxpayers can view payment options or check their account balance online.

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08/13/2026

“Hot off the Press” Release, August 13, 2026

We are honored to announce that L. Lopez CPA & Associates Inc. was publicly recognized as a nominee for the 2026 CalCPA Firm Awards. The CalCPA Firm Awards evaluate peer-nominated accounting practices across California based on specific core pillars. The judging panel scores nominees on how well they translate their organizational mission into tangible action.
The Silicon Valley Firm earned its statewide nomination badge by meeting these strict baselines of operational excellence, client care, and ethical standards. Being named a verified nominee means the firm ranked among the top-tier of peer-submitted practices in California in 2026.
We are extremely thankful to our peers for this recognition, as we constantly strive to find ways to continue improving our service for our valued clients!

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08/05/2026

ENHANCED DEDUCTIONS for SENIORS

There are some changes for the 2026 tax filing season that people who are 65 years of age and older should be aware of. The most recent being the enhanced deduction for seniors, which is a provision of the One, Big, Beautiful Bill.

The IRS is sharing what’s new, as well as some reminders specifically for seniors.
Enhanced deduction for seniors
A new deduction that is in addition to the current additional standard deduction for seniors under existing law.
• For tax years 2025-2028, taxpayers who are age 65 or older may be eligible to claim an additional $6,000 deduction per person ($12,000 if married filing jointly and both spouses are eligible)
• To be eligible, the person must be 65 on or before the last day of the tax year
• It is available to eligible taxpayers who claim the standard deduction or itemize
• The deduction phases out for taxpayers with modified adjusted gross income over $75,000 ($150,000 for joint filers)
Earned Income Tax Credit
• EITC helps low to moderate-income workers and families get a tax break
• The maximum income amount for claiming the credit for the 2025 tax year is $68,675. The amount of the credit may vary based on income, family size and filing status.

06/24/2026

Holiday Closure Notice: We will be closed from July 1st-10th for our summer break and to celebrate our nation's 250th Anniversary on the 4th of July. Cheers to the greatest nation on earth! God Bless America!

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06/15/2026

IRS Tax Tip 2026-35, April 28, 2026

Taxpayers who discover an error after filing a federal tax return may need to file an amended return. There are some instances where an amended return isn’t required such as when the IRS corrects errors during processing or requests missing forms or schedules separately.

Reasons to file an amended return

If there are changes to key items on the original return, including:

Filing status
Income
Deductions
Credits
Dependents
Tax liability
Taxpayers can use the Should I file an amended return? tool within the IRS Interactive Tax Assistant to help decide if they should file an amended return to correct an error or make other changes if they already filed.

Time limits

To claim a refund, an amended return must generally be filed within:

Three years from the date the original return was filed, or
Two years from the date the tax was paid, whichever is later
If the original return was filed early, the three-year period begins from the April tax deadline. Special rules apply when there are net operating losses, foreign tax credits, bad debts or other issues. Additionally, taxpayers in disaster relief situations, combat zone service, have bad debts, foreign tax credits, or loss or credit carrybacks, may have more time to file an amended return.

How to file an amended return

Taxpayers must file Form 1040-X, Amended U.S. Individual Income Tax Return. When filing, they should:

Submit a corrected Form 1040, 1040-SR, or 1040-NR for the applicable tax year
Attach any supporting documents and updated forms or schedules
Refunds and payments

For tax years 2021 and later, taxpayers may request direct deposit of refunds when filing electronically. If additional tax is owed, payment should be submitted with the amended return. The amended return replaces the original return, and the IRS will calculate any applicable penalties or interest if filed after the due date.

Status of amended return

Taxpayers can check the status of an amended return approximately three weeks after it’s submitted. It generally takes 8 to 12 weeks for it to be processed. However, in some cases, processing could take up to 16 weeks.

State tax considerations

Changes to a federal return may affect a taxpayer’s state tax liability. Taxpayers should contact their state tax agency for guidance and should not attach state returns to the federal amended return.

For More Information Please Visit www.irs.gov

05/26/2026

L. Lopez CPA & Associates Offers Services To The Equine Industry

At L. Lopez, CPA & Associates, we don’t just work with equine businesses—we grew up in them. Raised in Portola Valley, surrounded by horses, riding and showing thoroughbred jumpers, and immersed in a family-owned tack and apparel store in Los Altos for over 25 years, our roots in the equine world run deep. This perspective shapes how we serve clients today. From horse trainers and boarding facilities to breeding operations, tack shops, feed stores, and equine service providers, we deliver specialized bookkeeping, payroll, tax preparation, and sales tax services tailored specifically to the horse industry.

We understand your business because we’ve lived alongside it. As a licensed California CPA firm with a boutique approach, we go beyond filling out forms: we ask the right questions, uncover often-missed deductions, and provide guidance tailored to the realities of your work.

As owners of the TieDown Western & English Apparel and Tack (Formerly located in Downtown Los Altos on State Street), we were active members in the Woodside Mounted Patrol and Shack Riders and sponsors of several local horse shows. Our team brings industry insight that goes beyond the numbers. We help equine professionals stay compliant, improve profitability, streamline operations, and gain financial clarity so they can focus on running successful programs and caring for their horses and clients.

Whether you manage a large training barn or a growing horse-related business, we provide trusted financial guidance designed to support long-term growth and success in the equestrian world.
Call us today to get started by calling 650-361-1235

Call us today to get started by calling 650-361-1235

05/19/2026

Just a reminder that L. Lopez CPA & Associates offices will be closed to honor and celebrate our Memorial Day weekend on Monday, May 25th. The office will be open for business on Tuesday, May 26th. Enjoy your long weekend!

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04/30/2026

PROTECTING YOURSELF FROM IRS SCAMMERS

Know how and when the IRS contacts you so you can protect yourself from impersonators.

Ways the IRS contacts you

The IRS typically contacts you the first time by mail delivered by the U.S. Postal Service.

To verify it’s the IRS, search IRS notices and letters. Some letters are sent from private collection agencies.

Other ways the IRS may contact you:

Email – They email only with your permission, with a few exceptions like criminal investigations.

Text message – They text you only with your permission.

Phone – The IRS or private collection agencies may call you to address account matters. In some cases, IRS uses automated messages that direct you to IRS.gov to securely manage your account, make payments or resolve an issue. The messages don’t share specific details.

Fax – They might send a fax to verify or request employment information.

In-person visit – These are rare. Find out how and when IRS employees visit you or your business. The IRS generally sends a letter before we visit.

The IRS doesn’t:
Direct message or take payment on social media. Follow our social media accounts
Accept gift cards or prepaid debit cards as payment
Call with automated messages that threaten or direct to websites that aren’t IRS.gov
Threaten to call law enforcement or immigration officials
Take your citizenship status, driver’s license or business license
Mail tax debt resolution advertisements
If the IRS visits you

Unannounced visits are rare. Only 4 types of IRS employees may visit your home or business. Each contacts you in specific ways and carries official identification (ID).

Revenue agents – examinations (audits)

Revenue officers – collections

Special agents – criminal investigations

Fuel inspectors

Identification the IRS carries

Revenue officers, revenue agents and fuel inspectors carry an IRS-issued credential (pocket commission) and HSPD-12 card. Both have the employee’s serial number and photo. You can ask to see both.

You may ask to see an additional ID from revenue agents and fuel inspectors.
Fuel inspectors also wear uniforms and drive government vehicles.
Criminal Investigation special agents present law enforcement credentials when they investigate.

If you feel unsafe, call 911

If the person doesn’t show you these IDs or you aren’t sure about them, call the number on the card provided by the revenue officer or agent. For more information go to www.IRS.gov

Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.

04/15/2026

BACK to BACK! Once again, a huge THANK YOU to our loyal clients for supporting us! We truly appreciate your support and are always looking for ways we can serve you better! Your feedback has been instrumental in helping L. Lopez CPA and Associates be the "Best Of" once again! Thank you!

03/12/2026

CLIENT UPDATE: 401(k) limit increases to $24.5K for 2026…
IRA limit increases to $7,500

WASHINGTON — The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2026 has increased to $24,500, up from $23,500 for 2025.
The IRS also issued technical guidance regarding all cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2026 in Notice 2025-67 PDF, posted today on IRS.gov.
Highlights of changes for 2026
The annual contribution limit for employees who participate in 401(k), 403(b), governmental 457 plans, and the federal government’s Thrift Savings Plan is increased to $24,500, up from $23,500 for 2025.
The limit on annual contributions to an IRA is increased to $7,500 from $7,000. The IRA catch up contribution limit for individuals aged 50 and over was amended under the SECURE 2.0 Act of 2022 (SECURE 2.0) to include an annual cost of living adjustment is increased to $1,100, up from $1,000 for 2025.
The catch-up contribution limit that generally applies for employees aged 50 and over who participate in most 401(k), 403(b), governmental 457 plans, and the federal government’s Thrift Savings Plan is increased to $8,000, up from $7,500 for 2025. Therefore, participants in most 401(k), 403(b), governmental 457 plans and the federal government’s Thrift Savings Plan who are 50 and older generally can contribute up to $32,500 each year, starting in 2026. Under a change made in SECURE 2.0, a higher catch-up contribution limit applies for employees aged 60, 61, 62 and 63 who participate in these plans. For 2026, this higher catch-up contribution limit remains $11,250 instead of the $8,000 noted above.
The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs and to claim the Saver’s Credit all increased for 2026.
Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions. If during the year either the taxpayer or the taxpayer’s spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income. (If neither the taxpayer nor the spouse is covered by a retirement plan at work, the phase-outs of the deduction do not apply.) Check out IRS.gov for more information

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