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In This Issue...
- From the CSTC President
- Practice Tips from Members
- Update on PPP Loans
- Is Your Firm's Website and Social Media ADA Compliant?
- December Events
- 2022 Running Start
- Welcome New CSTC Members
- Legislative Advocacy
- News from the IRS
- 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
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From the President
I recently came across a book that resonated within me – “Deep Work” by Cal Newport. Newport defines deep work as focusing without distraction on a cognitively demanding task. The hypothesis of the book is that the ability to perform deep work is becoming increasingly rare at the same time it is becoming increasingly valuable. So those who cultivate this skill and make it a core of their working lives will thrive.
This is not a new concept. I know I need to get away from distractions in order to concentrate on a task. But Newport’s idea of deep work is more than completing a task. It refers to distraction-free, high concentration work that improves your skills, creates a lot of value in very little time, and is very hard to replicate. He even says that for a session to count as deep work, there must be zero distractions! Even a quick glance at your phone or an email can significantly reduce your performance due to the cost of context switching, or attention residue.
I agree with Newport’s thought that the ability to perform deep work is becoming less common and that, because of that, it’s becoming more valuable. It does seem to be getting harder and harder as we have an increasing number of distractions in our multi-tasking culture. Now it’s not just a phone call or a colleague stopping by that distracts, but also emails, texts and alerts and notifications of all kinds.
So I was interested in what Newport had to say about actually doing deep work. He presents a set of logical and balanced solutions: Fight to incorporate deep work into your routine, such as by scheduling deep work blocks on your calendar. Spend as little time as possible on shallow work, such as answering emails. Quit or reduce social media. And learn to embrace boredom.
That last point was unexpected. Newport’s thought is that the ability to concentrate is a skill that needs to be practiced. Focus is like a mental muscle. Through training, you can strengthen your focus and expand your mental capacity.
A simple way to get started is to expose yourself to boredom. If you whip out your phone at the first hint of boredom, you’re building a Pavlovian connection between boredom and stimuli. Then when it’s time to think deeply about something, which is boring in the sense that there’s no moment-to-moment novelty, your brain won’t tolerate it but will demand stimuli. Instead, we can train our brain to resist distractions.
So this book resonated in me – not as a time management tool, but rather as a way to train my mind to strengthen my focus and expand my mental capacity. Even as I’ve been writing this column, my mind has frequently  wanted to wander, to check my email, or take a break with a game of sudoku. So the idea of strengthening my ability to focus is very appealing. I want to start practicing deep work now so that whether it’s preparing on a tax return, or writing materials for a class, or working on a project, I’ll begin to have more focus, more ability to concentrate. That’s definitely a goal worth working towards.
Linda Dong
CSTC President
Practice Tips from Members
Each month in this column we share practices from our members that help their practices run smoothly. We hope that these tips will interest you, inspire you, and even revolutionize some aspect of your practice. And as you read and are inspired by other members’ tips, we hope you will also send in your own tips to help others. Let’s really be those who care to share.
Send your tips to [email protected].
Ed Mendlowitz, CPA is the king of practice tips. A recent search of his tips turned up a file of 117 different checklists with tips covering everything from tax return preparation and review to practice management to succession planning and more.
Interestingly, in looking through his 117 checklists, I couldn’t find the one tip from him that made a huge impact in my practice. Maybe I misremembered the source, or I overlooked it in the sheer volume of tips. Regardless, it was a simple tip that made a huge difference: don’t wait for your clients on extension to send you their information.
Formerly, I would put clients on extension, tell them when the return was due, and expect them to get me the information in a timely fashion. When I hadn’t heard from them by September, I would send reminders and eventually get the information shortly before the deadline, creating a last-minute crunch right before October 15th.
The solution? Start sending reminders in June. Some clients send their information earlier than others, so this spreads the returns over several months, evening out my workload and reducing, or even eliminating, the October crunch. Genius!
Update on PPP Loans
The IRS released three new revenue procedures in November clarifying PPP loan and other federal COVID grants. They address when to recognize tax-free PPP income and deduct related expenses, and they confirm that S corp and partnership basis is indeed increased by the tax-free income related to PPP loans and other federal COVID grants.
Click here to read a summary of the revenue procedures with examples.
Article written by Jane Ryder, EA, CPA
Is Your Firm's Website and Social Media ADA Compliant?
While the Americans with Disabilities Act (ADA) has existed since 1991, the past 5 years have seen an explosion of litigation surrounding the accessibility of websites. These lawsuits, which tend to be predatory in nature, can be complex given the unclear standards for website accessibility set forth by the Department of Justice. In addition to the lack of clear standards, there are divisions amongst the courts over issues related to the nexus between a business and having a physical location, or being purely e-Commerce. It is important for clients (accountants, lawyers, business owners, etc.) not only to understand their exposure in an ADA litigation, but also methods to mitigate their risks on an ongoing basis. This program will explore the current status of the law, WCAG, and what clients can do to minimize their exposure to future litigation.
The Alameda County Bar Association has invited our CSTC members to join this lunch hour webinar for FREE!
Speakers: Michael Karlin and L. Scott Karlin of The Karlin Law Firm, LLP
Host: Alameda County Bar Association
Date: 1/18/2022
Time: 12-1:30pm
Registration: https://www.acbanet.org/event/?backcaltype=g&month=1&yr=2022&eventid=15771
CSTC members will receive the discount code via e-mail for free registration to this webinar!
Calendar of Events
December 2021
December 1, 2021
Topic: IRS - Update for 2021
Temecula Valley Chapter Virtual Meeting
2 Federal Law hours (Topics covering existing tax law)
Click here to learn more and register
Topic: How to Use TaxBook Library as the Best Tax Resource
San Francisco Bay Chapter Virtual Meeting
1 Federal Law hours (Topics covering existing tax law)
Click here to learn more and register
December 8, 2021
Topic: Orange County Chapter Annual In-Person Holiday Party!
Hosted by the Orange County Chapter
No CE offered
Click here to learn more and register
December 14, 2021
Topic: Federal Year End Update & Review
Central Valley Chapter Hybrid Meeting
2 California hours (Topics covering California law issues)
6 Federal Tax Update hours (Topics covering new tax law)
Click here to learn more and register
Topic: 2021 Christmas Party
Orange County South Chapter In-Person Meeting
No CE offered
Click here to learn more and register
December 15, 2021
Topic: Immigration 101 & International Reporting Requirements for Tax Preparers
San Jose Chapter Virtual Meeting
2 Federal Law hours (Topics covering existing tax law)
Click here to learn more and register
Click here to view the CSTC calendar.
CSTC’s 45th Annual Running Start Seminar
January 6, 7, and 8 2022
Hosted by the CSTC Region 4 Chapters:
San Diego, San Diego East County and San Diego North County
Presented by Lisa Ihm and Ryan Reichert of Brass Tax Presentations
(once again Lisa will graciously present her 2022 Update materials to our Members at the CSTC Running Start)
CLICK HERE to learn more and register!
Event Information:
| Hosting Chapter |
Date |
Time |
Location |
| San Diego |
Thursday, January 6, 2022 |
Registration: 7:30 AM
Seminar: 8:00 AM - 4:50 PM |
Handlery Hotel
950 Hotel Circle North
Mission Valley, CA 92108 |
| East County San Diego |
Friday, January 7, 2022 |
Registration: 7:30 AM
Seminar: 8:00 AM - 4:50 PM |
Sycuan Resort
3007 Dehesa Road
El Cajon, CA 92019 |
| North County San Diego |
Saturday, January 8, 2022 |
Registration: 7:30 AM
Seminar: 8:00 AM - 4:50 PM |
California Center for the Arts
340 N. Escondido Blvd
Escondido, CA 92025 |
Description:
Not just theory...Real-life application! All the latest news about how the CARES Act, the SECURE Act, the Disaster Act, and other recent legislation impact federal and CA tax returns, including new forms explained line-by-line.
Things you'll learn...
· Complete coverage of IRS & CA forms
· Latest news about the CARES Act, SECURE Act, Families First Relief Act, Disaster Act, and more...
· Reconciliation of advance payment (rebates) to stimulus credit
· How does PPP discharge affect tax return? Are expenses paid with loan proceeds deductible?
· New forms with real-life examples to show you how to complete them
· Line-by-line calculations on new forms & worksheets
· CA adjustments calculated and illustrated on Form 540 Sch CA
· Case studies – Client documents to completed tax return
· Court cases, revenue rulings, and more...
· Worksheets, flowcharts, and checklists to help you keep it all straight
· 400+ page manual mailed to you
· Free FAST FACTS reference card!
· NEW Free CA nonconformity reference card!
· Information you can use in the REAL WORLD!
Education materials and reporting provided by Brass Tax Presentations, LLC.
Pricing:
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Fee Description
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Member Fee
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Non-Member Fee
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Last Day to Register at This Fee
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Priority Registration
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$220
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$255
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November 30, 2021
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Regular Registration
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$240
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$270
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Day before the seminar
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Late Registration
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$285
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$315
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Day of seminar
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CLICK HERE to learn more and register!
Welcome New CSTC Members!
Please help us in joining our newest CSTC Members!
Karla Adame
San Diego Chapter
Darryl Dunn
San Francisco Bay Chapter
Ana Galvez
Los Angeles Chapter
Kenneth Glaspie
Los Angeles Chapter
Avecita Jones
San Diego Chapter
Charles Laing
San Gabriel Valley Chapter
Chris Loo
Los Angeles Chapter
Eloisa Lucas
San Diego Chapter
Robin Miller
Orange County South Chapter
James Neilson
Orange County South Chapter
Elizabeth Prehn
San Francisco Bay Chapter
Carlos Segovia
Los Angeles Chapter
Andrew Thom
Los Angeles Chapter
Christine Wise
San Jose Chapter
Alexander Wymore
East County San Diego Chapter
Congratulations to our new CSTC members!
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
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