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CSTC Newsletter

November 2019

In This Issue...

  1. From the President
  2. Want to Speak at a CSTC Chapter Meeting?
  3. November 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

Your Legacy 

What if I asked you the following?

“What is the one skill that if you had it would dramatically change the quality of your life?”

 Your answer might be communication, empathy, diligence, financial acumen, organization, or perhaps a technical skill like programming or product engineering.

But what if I told you that there is one skill that is the sum of all other skills–the culmination of them all? Would you want that skill? Would you learn and practice it? Well, I can tell you that there is one such skill, and it’s LEADERSHIP.

Do you believe it? Can you see how leadership is the key skill? Clayton M. Christensen, an American academic, business consultant, and Professor of Business Administration at the Harvard Business School, stated, in part, “. . . if you want to help other people, be a manager. If done well, management is among the most noble of professions. You have the opportunity to frame each person’s work so that, at the end of every day, your employees will go home feeling like they are living a life filled with motivators.”

I contend that being a good “manager” really means being a good “leader”.

To further the point that leadership is key to leaving a great legacy, I’d like to relate the story of Alfred Nobel.

In 1867, Alfred Nobel, a Swedish scientist, invented Dynamite, a substance found to be extremely useful in excavation, mining, and railroad construction. However, it wasn’t long before this explosive and dangerous compound became useful in military applications, where it was used in warfare during the Spanish American War.

When Nobel’s brother died, a newspaper ran a long obituary of Alfred Nobel, believing that it was he who had passed away. Thus, Nobel had an opportunity granted few people: to read his obituary while alive. What he read horrified him: The newspaper described him as a man who had made it possible to kill more people more quickly than anyone else who had ever lived.

At that moment, Nobel realized two things: that this was how he was going to be remembered, and that this was not how he wanted to be remembered.

After feeling the pain of reading what legacy he was on track to leave, he made a change by funding something that honors superior men and women who have made outstanding contributions to the world. Today, Alfred Nobel is best known as the founder of the Nobel Prize.

Imagine you were reading your obituary. What would it say? How would you be remembered? Would it talk about how you were ruthless, but “got the job done?” Or that you were a workaholic who brought his business from nothing to greatness, only while leaving his family behind? Or, would it say you were a good leader?

It is possible to make a change today. We can each “rewrite” our own obituary. We are the authors of our own legacies.

I believe in each of you who belong to the noble tax profession. I am grateful for your leadership. Thank you for leading our world to become a better place.

It is my hope that you feel empowered and inspired to build your legacy as a leader.

Your friend,

Gary Quackenbush
CSTC President

Want to Speak at a CSTC Chapter Meeting?

Increase your visibility throughout the tax preparer community by becoming a chapter meeting speaker! The California Society of Tax Consultants (CSTC) provides quality tax education for tax professionals, including CTEC-registered preparers, Enrolled Agents, CPAs, and attorneys. 

We are on the lookout for speakers to present professional tax education at our various chapter meetings and events. If you would like to be added to the databank of speakers willing to speak at chapter meetings, please take a moment to complete this very short form. The databank will be made available to the leadership of each chapter, and they will contact you directly when looking for a speaker.

Please be aware that we do not accept any sessions that are product demonstrations or sales pitches.

Click here to sign up for the databank

November 2019 Chapter Events

November 5, 2019
Topic: Round Table
North County San Diego Chapter Meeting
1 Federal Update Hour
1 Federal Tax Law Hour

Topic: 2019 Forms - First Look
East County San Diego Chapter Meeting
1 Federal Update Hour

Topic: Tax Cuts and Jobs Act Federal Law Update 2019
East County San Diego Chapter Meeting
2 Federal Update Hours

November 6, 2019
Topic: Why Don't You TRUST Me?
Temecula Valley Chapter Meeting
1 Federal Tax Law Hour

Topic: All Things Depreciation
San Francisco Bay Chapter Meeting
2 Federal Update Hours

November 7, 2019
Topic: Reporting Rentals for Tax Since TCJA
San Gabriel Valley Chapter Meeting
2 Federal Tax Law Hours

November 13, 2019
Topic: IRS Fresh Start Initiative by Gary Quackenbush, Esq
Orange County Chapter Meeting
2 Federal Update Hours

November 14, 2019
Topic: Divorce: And You Thought Tax Reform Got Rid of That
North County San Diego Chapter Meeting
2 Federal Tax Law Hours

November 19, 2019
Topic: Business Entities - Updated for Tax Reform
Orange County South Chapter Meeting
2 Federal Update Hours

November 20, 2019
Topic: After Tax Season Breakfast Meeting
Temecula Valley Chapter Meeting
1 Federal Update Hour

Topic: Reporting K-1's for Tax
Inland Empire Chapter Meeting
2 Federal Tax Law Hours

Topic: Reasonable Compensation - What is it?
San Jose Chapter Meeting
1 California Hour
2 Federal Tax Law Hours

Topic: Dependency Detectives
Greater Long Beach Chapter Meeting
2 Federal Tax Law Hours

November 21, 2019
Topic: The Do's and Dont's of Due Diligence
San Diego Chapter Meeting
2 Federal Tax Law Hours

November 26, 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!

Connie Bluck
San Jose Chapter

Michaela Buhl
North County San Diego Chapter

Cristina Hass
San Diego Chapter

Carlos Herrera
Orange County Chapter

Ardis Jackson Jr.
Greater Long Beach Chapter

Maria Montemayor
San Jose Chapter

Rebeca Rangel
San Diego Chapter

Viola Young
Greater Long Beach 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

IRS Urges Tax Professionals to Renew PTINs Now for 2020

WASHINGTON — The Internal Revenue Service today urged tax return preparers to start the upcoming 2020 filing season smoothly by renewing their Preparer Tax Identification Numbers now. All current PTINs will expire Dec. 31, 2019.

“Last year we issued more than 813,000 PTIN’s and are asking tax preparers to renew now to avoid a last-minute rush,” said IRS Return Preparer Office Director Carol Campbell. “Having this essential element done now will make the transition to tax season much easier.”

Anyone who prepares or helps prepare a federal tax return for compensation must have a valid PTIN from the IRS before preparing returns, and they need to include the PTIN as the identifying number on any return filed with the IRS.

Tax preparers with a 2019 PTIN should use the online renewal process, which takes about 15 minutes to complete. Form W-12, along with the instructions, provides a paper option for PTIN applications and renewals. However, it can take four to six weeks to process. Failure to have and use a valid PTIN may result in penalties.

To renew a PTIN online:

  • Start at IRS.gov/tax-professionals.
  • Select the “Renew or Register” button.
  • Enter the user ID and password to login to the online PTIN account.
  • Follow the prompts to verify information and answer a few questions.

Once completed, users will receive confirmation of their PTIN renewal. There is no fee for renewing or obtaining a PTIN for 2020.

The online system not only allows PTIN renewal, but can also be used by tax preparers to view continuing education credits, see a summary of the number of returns their PTIN has appeared on in the current year, and receive communications through a secure mailbox from the IRS Return Preparer Office.

First time PTIN applicants can also apply for a PTIN online.

To apply for a PTIN online:

  • Start at IRS.gov/tax-professionals.
  • Select the “Renew or Register” button and select “Create Account” in the New User box.
  • First time users are issued a temporary password and will be prompted to change their password upon logging in.
  • Select “Sign Up with SSN” once logged in.
  • Follow the prompts to obtain the PTIN online.

Opportunity for non-credentialed tax preparers

The Annual Filing Season Program is a voluntary IRS program intended to encourage non-credentialed tax return preparers to take continuing education courses to increase their knowledge and improve their filing season readiness.

Those who choose to participate must renew their PTIN, complete 18 hours of continuing education and consent to adhere to specific obligations in Circular 230 by Dec. 31, 2019. The IRS has a video available on how to sign the Circular 230 consent and print the Record of Completion.

After completing the steps, the return preparer receives an Annual Filing Season Program Record of Completion from the IRS. Program participants are then included in a public directory of return preparers with credentials and select qualifications on the IRS website.

The searchable IRS directory helps taxpayers find preparers in their area who have completed the program or hold professional credentials recognized by the IRS.

Enrolled agent credential

The enrolled agent credential is an elite certification issued by the IRS to tax professionals who demonstrate special competence in federal tax planning, individual and business tax return preparation and representation matters. Enrolled agents have unlimited representation rights, allowing them to represent any client before the IRS on any tax matter.

As non-credentialed return preparers think about next steps in their professional career, the IRS encourages them to consider becoming an enrolled agent.

All enrolled agents, regardless of whether they prepare returns, must renew their PTIN annually in order to maintain their active status.

Click here to view the full articles 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]