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CSTC Newsletter

December 2019

In This Issue...

  1. From the President
  2. Save the date for the 2020 Summer Symposium
  3. December 2019 Chapter Events
  4. Running Start 2020 - San Diego County Chapters
  5. Welcome New CSTC Members
  6. Legislative Advocacy
  7. News from the IRS
  8. Join CSTC!

CSTC Member Benefits

CSTC members have access to benefits such as free payroll processing services for your tax practice, and the opportunity to earn new revenue through their flexible partnership options.

CSTC is pleased to include the VeriFyle ProTM premium secure online document and message sharing service at no cost to CSTC members!

Wolters Kluwer: Discounts on Tax, Accounting & Audit Resources, Software, Information & Services. 

 CSTC members receive the TaxBook WebLibrary at a special price

Other Member Benefits Include:

$ Savings on all Society Educational Events

$ Savings on Contact, Correspondence & Self Study Education

$ Savings with member specialty CSTC Connects (previouslyYellow Pages) list

$ Savings with E & O Insurance, plus specialty coverage relevant to your profession

$ Online CSTC Find-a-Tax Consultant search to help promote your business!

$ CSTC Member Listserv

Office Depot has partnered with us to provide exclusive savings in-store and online, plus fantastic additional benefits. This program is all about providing preferred pricing to our clubs, and the savings extend to almost every item.

Savings include 20% to 55% off item office supply core list, 20% to 55% off retail on cleaning  & break room items, 10% off branded; 20% off private brand  ink & toner core list, Average 10% off  retail on 200 technology core items, Free next-day shipping on orders of $50 or more, and SIGNIFICANT savings on copy & print. Become a CSTC member to sign up for our Office Depot Small Business Savings Program, administered by Excelerate America.


We are a professional full-service tax advisory firm in San Diego. Our goal is to provide a level of service for our clients that will exceed expectations in every possible way. We strive to offer a diverse level of services to meet the needs of the diverse community we have been working in for more than 30 years.

TaxMama's® EA Exam Course prepares tax professionals to do so much more than just pass the IRS' Special Enrollment Examination. This is an in-depth course that teaches tax law from the ground up. It explains how tax returns work, with examples of basic 1040s, Schedule Cs, 1065s, 1120s, and 1120Ss; you learn tax law, tax research, client representation for audits, appeals and collections. 

 

If you are interested in buying or selling a practice, contact us today! ATB is operated by Enrolled Agents ensuring a complete understanding of our profession. Please give us a call at (855) 428-2225 or visit us online at www.ATBCAL.com for more information and to view our current listings.
CA DRE 02002824

 

CSTC Mission

CSTC advances professionalism within the tax industry by:

  • Providing quality education
  • Creating networking opportunities
  • Advocating professional standards

 

From the President

Gratitude and Joy v. Scarcity and Fear
Several months ago I heard someone tell a story about two wolves that goes something like this:
A mother once told her young son that inside every person lives two wolves a good one and a bad one. One wolf is angry, resentful, contentious, rude, mean, and prideful. The other wolf is cheerful, grateful, kind, caring, and nice. She explained that the wolves inside us fight all the time. The little boy then asked his mother, “who wins?” The mother explained, “the one you feed”.

The trait of the good wolf that I will focus on is gratitude.
GRATITUDE
Gratitude makes sense of the past and gives us an open heart. Gratitude helps us recognize how good we have it.
One of my mentors, Gordon B. Hinckley said, “When you walk with gratitude, you do not walk with arrogance and conceit and egotism, you walk with a spirit of thanksgiving that is becoming of you and will bless your lives.”
I WANT, I NEED
Have you ever convinced yourself that you needed something so much that your happiness depended on it? As a child we might have pinned our hopes on a piece of candy, a new toy, or a  bike like our best friend’s. As an adolescent and teenager we may have believed we needed a girlfriend, a boyfriend, or a car. As an adult, our world expands and so do the opportunities to fall prey to covetousness or the feeling of lack.
THE REMEDY—GRATITUDE
For grown-ups, covetousness is not confined to the material. We can covet nearly anything:  money, careers, family, education, talents, relationships, health, accomplishments — anything we perceive we lack. Covetousness is a focus on the absence of. It’s a perceived void that we desperately want to fill. Thankfully, it has an opposite and a remedy—gratitude.
MODERN COVETOUSNESS
In this day and age, it’s easy to see why so many people struggle to find happiness. Modern covetousness is not limited to wanting what our friends and neighbors have. Technology has allowed for an endless barrage of messages that tell us what we need to be happier, smarter,  prettier, wealthier, healthier, and the list goes on.
We are enticed nearly everywhere we go by alluring advertisements that encourage us to seek outside ourselves for happiness and contentment. By getting caught up in this mentality we rob ourselves of the ever-present opportunity to find true happiness right where we are without spending a dime. We don’t need a new outfit, truck, house, spouse, credit card, gym pass, or you name it, to feel joy in this world. When we are so focused on wants and perceived needs, it is nearly impossible to see the abundance already present in our lives. It might be cliché, but it’s true that happiness is found within.
I HAVE
So how do you flip the switch from an external focus to an internal one? When you find yourself saying “I need” or “I want,” try changing your dialogue to “I have ________,” and fill in the blank. Even saying it aloud feels good. Before long, you will begin to see all of the abundance that you enjoy but may have been missing because your focus was elsewhere.
As we practice gratitude by seeing the abundance already present in our lives, we will turn outward much less for fulfillment and discover that we have what we need to be joyful right now.
Thank you for all you do to support CSTC! 
Enjoy the holiday season! 
Your friend, 
Gary Quackenbush, CSTC President

Save the Date for the 2020 Summer Symposium!

 

More Information Coming Soon!

 

December 2019 Chapter Events

December 3, 2019
Topic: Christmas Party and Installation of Officers
East County San Diego Chapter Meeting
No CPE

December 4, 2019
Topic: California's Office of Tax Appeals
Temecula Valley Chapter Meeting
2 California Hours

Topic: What to Prepare for 2020 Tax Season
San Francisco Bay Chapter Meeting
2 Federal Update Hours

December 11, 2019
Topic: Annual Christmas Party
Orange County Chapter Meeting
No CPE

Topic: Annual Holiday Party
San Diego Chapter Meeting
No CPE

Topic: Holiday Party
Inland Empire Chapter Meeting
No CPE

December 12, 2019
Topic: Annual Holiday Party
North County San Diego Chapter Meeting
No CPE

Topic: Federal and State Updates
Central Valley Chapter Meeting
2 California Hours
6 Federal Update Hours

December 18, 2019
Topic: After Tax Season Breakfast Meeting
Temecula Valley Chapter Meeting
1 Federal Tax Law Hour

Topic: Recent Developments IRS and California Franchise Tax Board
San Jose Chapter Meeting
2 Federal Update Hours
1 California Hour

December 31, 2019
Topic: TBA
Sacramento Chapter Meeting
Hours TBA

Click here to view the CSTC calendar.

Running Start 2020 - San Diego County Chapters 

Description:

A comprehensive 1-day tax update for 2019 tax returns
• Overview of new tax laws •Complete coverage of new IRS and CA forms
• Real-life examples of how to complete new forms
• 199A 20% business income deduction - examples for sole proprietors, S-corps & partnerships
• CA adjustments calculated and illustrated on 540 Sch CA
• Limitations on mortgage interest deductions
• Learn how to quickly and easily reconstruct acquisition/equity debt
• Line-by-line calculations on new IRS forms & worksheets
• Find out why many entertainment expenses are still deductible
• Determine which sales of business or rental property qualify for 199A deduction
• Case studies - client documents to completed tax return

Dates and Locations:

Thursday, January 9, 2020
Registration: 7:30 AM
Seminar: 8:00 AM to 4:50 PM

Friday, January 10, 2020
Registration: 7:30 AM
Seminar: 8:00 AM to 4:50 PM

Saturday, January 11, 2020
Registration: 7:30 AM
Seminar: 8:00 AM to 4:50 PM

Handlery Hotel
950 Hotel Circle North
Mission Valley, CA  92108

Sycuan Resort
3007 Dehesa Road
El Cajon, CA  92019

California Center for the Arts
340 N. Escondido Blvd.
Escondido, CA  92025


CLICK HERE TO LEARN MORE AND REGISTER

Welcome New CSTC Members!

Please help us in joining our newest CSTC Members!

Linda Bailey
San Francisco Bay Chapter

Lloyd Boucher
Orange County - South Chapter

Joel Candib
North County San Diego Chapter

Mary Theresa Castro
Greater Long Beach Chapter

Joseph Davis
East County San Diego Chapter

Lesley Dumais
San Diego Chapter

Tracie Hannick
Sacramento Chapter

Holly Lawrence
San Francisco Bay Chapter

Sylvester Lopez-Cordova
North County San Diego Chapter

Trina Martir
Orange County Chapter

Jose Moya
Inland Empire Chapter

Carmen Nieves
Inland Empire Chapter

Lynette Wilkerson
Temecula Valley Chapter

Dorothy Wood
North County San Diego Chapter

Legislative Advocacy

CSTC has been the leading Association in supporting legislation to provide protection for our profession, to support our profession, and to enhance our profession. CSTC continuously leads our industry through legislative advocacy, educational opportunities, and professional inclusion.

CSTC works closely with a Legislative Advocate to keep an eye on important bills that would affect taxpayers and small business owners.

Please click here to view the bills that CSTC is currently monitoring.

   

 News from the IRS 

October 15 filing extension deadline 

Taxpayers who requested an extension to file their 2018 tax return have until Tuesday, October 15 to file.
Taxpayers can file their tax return electronically for free through IRS Free File. The program is available on IRS.gov through Oct. 15. 

The fastest way for taxpayers to get their refund is to file electronically and use direct deposit. 

See IRS Tax Tip 2019-132. 

Tax Relief in Disaster Situations 

The IRS extended deadlines that apply to filing returns, paying taxes, and performing certain other time-sensitive acts for certain taxpayers affected by Hurricane Florence. The federally declared disaster areas include hurricane victims in certain counties in North Carolina and South Carolina. The extension applies to deadlines - either an original or extended due date - that occurred on or after September 7, 2018 and before January 31, 2019. 

The IRS often updates its information on disaster relief efforts. For the latest news, see the IRS disaster relief page frequently. 

Where's My Refund? 

Taxpayers who filed their tax returns should know that the easiest way to check on their tax refund is to use "Where’s My Refund?" This tool is available on IRS.gov and through the IRS2Go app. The fastest way to get that tax refund is to use IRS e-file and direct deposit. 

Taxpayers can use Where’s My Refund? to start checking on the status of their tax return within 24 hours after the IRS receives an e-filed return. For a paper return, it’s four weeks after the taxpayer mailed it. 

See:  Online tool lets taxpayers check the status of their refund for more information. 

Tax Reform 

The IRS is working on implementing the Tax Cuts and Jobs Act. This new law includes major tax legislation that will affect both individuals and businesses. Check the Tax Reform page for the latest updates. 

Tax Withholding 

The Tax Cuts and Jobs Act changed the way tax is calculated. The IRS encourages taxpayers to perform a quick “paycheck checkup” by using the Withholding Estimator to check if they have the right amount of withholding for their personal situation. 

Consumer Alerts on Tax Scams 

‪Note that the IRS will never: 

  • Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, the IRS will first mail you a bill if you owe any taxes.
  • Threaten to immediately bring in local police or other law-enforcement groups to have you arrested for not paying.
  • Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
  • Ask for credit or debit card numbers over the phone. 

For more information on tax scams, please see Tax Scams/Consumer Alerts. For more information on phishing scams, please see Suspicious emails and Identity Theft. 

Is it Really the IRS Calling? 

The IRS wants you to understand how and when we contact taxpayers and help you determine whether a contact you may have received is truly from an IRS employee. 

The IRS initiates most contacts through regular mail delivered by the United States Postal Service. 

However, there are special circumstances in which the IRS will call or come to a home or business, such as when a taxpayer has an overdue tax bill, to secure a delinquent tax return or a delinquent employment tax payment, or to tour a business as part of an audit or during criminal investigations. 

See Avoid scams: Know the facts on how the IRS contacts taxpayers for more information. 

Private Debt Collection 

The IRS began a new private collection program of certain overdue federal tax debts selecting four contractors to implement it. The groups are: CBE Group of Cedar Falls, Iowa; Conserve of Fairport, N.Y.; Performant of Livermore, Calif.; and Pioneer of Horseheads, N.Y. The taxpayer’s account will only be assigned to one of these agencies, never to all four. No other private group is authorized to represent the IRS. 

The IRS will always notify a taxpayer before transferring their account to a private collection agency (PCA). The IRS will send a letter to the taxpayer and their tax representative informing them that their account is being assigned to a PCA and giving the name and contact information for the PCA. This mailing will include a copy of Publication 4518, What You Can Expect When the IRS Assigns Your Account to a Private Collection Agency (PDF). 

Foreign Account Tax Compliance Act (FATCA) 

FATCA refers to the Foreign Account Tax Compliance Act that requires reporting on specified foreign accounts by U.S. taxpayers and foreign financial institutions. In general, federal law requires U.S. citizens to report worldwide income, including income from foreign trusts and foreign bank and securities accounts.

Click here for more news from the IRS

Join the California Society of Tax Consultants!

Click here to fill out an online application.

CSTC advances professionalism within the tax industry by:

  • Providing quality education
  • Creating networking opportunities
  • Advocating professional standards

California Society of Tax Consultants | 320 Pine Ave, Suite #1050, Long Beach, CA 90802
Phone (949) 715-4192 | [email protected]