In This Issue...

1. From the CSTC President
2. August Events
3. Register Now for the Wednesday Webinar Series
4. Register Today for the Virtual 60 QE Course!
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 Statement

CSTC advances professionalism within the tax industry by:

• Providing quality education

• Creating networking opportunities

• Advocating professional standards

From the President
'Tis But A Shred...

The whirr of the shredder is relentless as it chomps through pile after pile of paper. Gradually the piles begin to shrink. Two large trash bags later, the last pile is gone. And I’m left wondering how I can possibly have so much paper! I’ve been using an electronic file cabinet for over 10 years and still there’s so much paper!

A year and a half ago, I decided to get serious about my Data Retention Policy. My default system tended towards the keep-everything model, “just in case.” When space became an issue, I would delete some old files, mainly from former clients, sometimes going back ten years or more. Since best practice dictates data should only be kept as long as it’s useful, I determined to create a specific policy listing every type of file and how long I would keep each one. Then I would simply follow it.

First, I made a list of all my files – paper files in the file cabinet and in backup storage in the garage; electronic files in my file cabinet program and online in my portals and in Verifyle; documents and spreadsheets on my computer; faxes and emails. The required time periods for record retention vary, so I decided I would be safe and keep files for 7 years. I also decided to do it by tax season. For example, after finishing 2020 tax returns, I would delete all files from 2013 and earlier.

This year was my first time fully implementing my policy and it was awesome! At first, it was a little disconcerting pulling out all those files to shred, especially for my long-time clients. Sometimes they ask about things that happened years ago. But I reminded myself that my role as their accountant and tax preparer does not include being their historian or storage bin.

But the main thing I felt as I pulled out the files and began shredding and deleting was a sense of space. Not just physical space, though the file cabinet is a lot roomier now. Mainly, it felt so good to set a boundary and enforce it. I felt a lightness, like a load was lifted. I didn’t realize how it weighed on me, wondering if I was keeping things long enough, and would a situation come up when I didn’t have what I needed. But setting a time frame to keep documents has freed me from that worry. And it’s wonderful!

Then I began to consider what other best practices I should be employing. And I wondered what other small tax and accounting practices were doing. That thought brought me to CSTC members and led me to wondering how we can share our experiences and help each other in managing our practices.

Our tag line is “Improving the tax industry, one professional at a time.” One way to do that is by exchanging ideas, encouraging and facilitating best practices, and sharing templates, examples and experiences. But how to do it? Especially now that we have less face-to-face interaction.

Let’s figure out a way. Maybe through the Reporter or the website. Send me your ideas. If you have a best practice that has worked well for you, consider sharing it with others. Email it to me at [email protected] and we’ll figure out a way to share with all our members. By sharing with one another, we really can improve the tax industry, one professional at a time!

Linda Dong, EA
CSTC President

Calendar of Events
August 2021

August 3, 2021

Topic: Ethics & Practice for Tax Professionals
East County San Diego Virtual Chapter Meeting
2 Ethics hours (Topics meeting the ethics requirements under Cir 230)
Click here to learn more and register

August 4, 2021

Topic: Tax Season Tune-Up and Credit Harvesting for Employers (ERC Study)
Temecula Valley Chapter In-Person Meeting
2 Federal Law hours (Topics covering existing tax law)
Click here to learn more and register

August 5, 2021

Topic: Ethics
San Gabriel Valley Chapter In-Person Meeting
2 Ethics hours (Topics meeting the ethics requirements under Cir 230)
Click here to learn more and register

August 6, 2021

Topic: Owner Basis in S Corporation and Partnerships
San Francisco Bay Chapter Virtual Meeting
4 Federal Law hours (Topics covering existing tax law)
Click here to learn more and register

August 11, 2021

Topic: Employee Stock Options
Orange County Chapter In-Person Meeting
2 Federal Law hours (Topics covering existing tax law)
Click here to learn more and register

August 12, 2021

Topic: Discussion with the Franchise Tax Board
North County San Diego Chapter Virtual Meeting
Hours TBA
Click here to learn more

August 18, 2021

Topic: Ethics
Inland Empire Chapter In-Person Meeting
2 Ethics hours (Topics meeting the ethics requirements under Cir 230)
Click here to learn more and register

Topic: Choosing or Changing A Business Entity
San Jose Online Chapter Meeting
2 Federal Law hours (Topics covering existing tax law)
Click here to learn more and register

August 31, 2021

Topic: Current Property Tax Roll Figures & Highlights
Sacramento Chapter In-Person Meeting
2 California hours (Topics covering California law issues)
Click here to learn more and register

Click here to view the CSTC calendar.

CSTC education is designed for CTEC preparers, Enrolled Agents, CPAs, and attorneys and to fit the needs of all – from new preparers to highly experienced tax professionals. With one of the most affordable price points for educating tax professionals, we encourage you to explore how the CSTC Academy should be a must-attend for 2021. This webinar series will take place every Wednesday starting July 14 through November 10, 2021 excluding September 15, October 13, November 3. 

We encourage you to explore our exceptional lineup of topics and speakers and give CSTC priority access to meeting your continuing education needs for 2021.

THANK YOU TO OUR 2021 WEDNESDAY WEBINAR SPONSORS

Schedule-at-a-Glance

Registration Information and Fees

 
CLICK HERE TO LEARN MORE AND REGISTER!

Register TODAY for the Live Virtual 60 Hour QE Course by CSTC!

Class Information:
Basic skills for preparation of individual income tax returns will focus on beginners who want to become tax preparers Classroom presentation, homework and exams combine to ensure you will be able to handle most commonly encountered tax situations. Education materials are provided by the Income Tax School. 

Homework assignments, mid-term and final exams must be completed to receive credit. Attendance is mandatory and will be strictly enforced.

*60 Hours of education is required to become a registered tax preparer in California.

Upon successful completion of this course, you will be able to:

• Prepare most individual tax returns
• Perform a thorough interview with a taxpayer
• Determine a taxpayer's filing status and eligibility for exemptions
• Accurately report income and deductions for a taxpayer
• Determine a taxpayer's eligibility for credits and deductions
• Complete Schedules C-EZ, C and E
• Compute depreciation for assets and eligibility for Section 179
• Accurately calculate a taxpayer's refund or balance due
• Advise a taxpayer in tax planning strategies
• Become a California CTEC Registered Tax Preparer if you completed the state supplement with this course for that specific state.

Class Dates and Time:

September 20th, 23rd, 27th, 30th

*October 4th, 7th, 18th, 21st, 25th, 28th
*NO CLASS the week of October 11-15 for the completion of Tax Season.

*November 1st, 4th, 8th, 11th, 15th, 18th, 22nd, 29th
*NO CLASS  on November 25th 

December 2nd, 6th, 9th, 13th

Time: 3:00 pm to 6:00 pm - Monday and Thursday Evenings

Location:

Online via Zoom. You will receive the Zoom link in your confirmation email. 

Cost (Books Included):

Member: $450.00
Non-Member: $525.00

Course Hours:

CTEC: 1000-QE-4699
45 Federal Law Hours
15 California Hours

Welcome New CSTC Members!

Please help us in joining our newest CSTC Members!

Shikha Agarwal
San Francisco Bay Chapter

Janet Beatty
Central Valley Chapter

Daniel Carlberg
Orange County Chapter

Ralph Dexter
Orange County Chapter

Munir Dhalla
Orange County- South Chapter

Kerri Garrison
Los Angeles Chapter

Donald Grant
San Jose Chapter

Vijaya Hari
San Francisco Bay Chapter

Sharon Ho
San Jose Chapter

Linda Huybers
San Diego-East County Chapter

Shobhana Mehta
Orange County Chapter

Adolfo Mendez
Los Angeles Chapter

Jane Oh
San Jose Chapter

Vicky Pineda
Greater Long Beach Chapter

Lawrence Pon
San Francisco Bay Chapter

Ninous Poureshagh
Orange County 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 Consultant 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.

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 | PO Box 10, Manhattan Beach, CA 90267
Phone (949) 715-4192 | [email protected]