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CSTC Newsletter

January 2023

In This Issue...

  1. From the CSTC President
  2. 2023 Summer Symposium - Save the Date!
  3. Verifyle Demo for CSTC Members
  4. January Events
  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

 

President's Column

A row of new pencils, freshly sharpened. A brand new eraser, untouched. A shiny, new pencil box to hold them. A pristine notebook, waiting to be written in. I’m all ready for the new school year to begin. And I can hardly wait!

That same feeling of anticipation washes over me now as I flashback to the excitement and anticipation I would feel at the beginning of each school year. Armed with my new supplies, I could hardly wait for school to begin. Surprisingly, the thing that caused that feeling of anticipation to bubble up in me today was the beginning of tax season!

Sure, tax season can be grueling. There will be lots of work and plenty of frustration. But as I sit here at the threshold, there’s a kind of exciting anticipation as well. How will the season go? What new situations will I see with my clients? Will my systems work well to get the returns processed timely? My supplies now consist of toner and copy paper, software programs and forms, but there’s still a newness to those blank forms waiting to be completed.

My policies have been updated, and my engagement letters prepared. My checklists have been revised and my log sheets are ready to go. I’ve reviewed the new law changes, and my reference materials are at the ready. I’ve even done a deep cleaning and some rearrangement of my office to make it more comfortable and more efficient.

So I take a few minutes to embrace this feeling – everything new and complete and ready to go, and a sense of anticipation and expectation. The anticipation of talking to and catching up with my clients. The satisfaction of saving them tax. The sense of achievement from completing a difficult tax return. The fulfillment from a job done well.

How refreshing it is to feel anticipation instead of dread, expectation instead of trepidation! I hope you too feel a heightened anticipation as we head towards tax season. Let’s change our focus from anxiety and apprehension to pleasure and fulfillment!

And don’t forget the resources CSTC has to make your tax season easier and therefore more enjoyable, including a free subscription to Verifyle secure email to protect your clients’ personal information, and a discount on The Tax Book reference materials. And, best of all, the ability to reach out to other CSTC members with your questions.

So let’s embrace it! Here’s to an exciting, satisfying, and enjoyable tax season!

Linda Dong
CSTC President 

Save the Date for the 2023 Summer Symposium!

The California Society of Tax Consultants (CSTC) provides quality tax education for tax professionals, including CTEC-registered preparers, Enrolled Agents, CPAs, and attorneys. CSTC’s premier education event is the Summer Tax Symposium.

The 2023 Symposium will be a live event held June 11 through June 14, 2023 at the Sahara Hotel in Las Vegas, Nevada! Keep an eye on your emails for information about registration and more! 

 Verifyle Demo for CSTC Members

Take advantage of this free benefit for all CSTC members!

As you may have heard, CSTC and Verifyle have partnered to offer all CSTC members access to Verifyle ProTM, Verifyle’s premium secure online file sharing and messaging service at no cost to members.

Verifyle is an extremely simple-to-use cloud storage and sharing tool that offers the most powerful encryption technology available on the web (Cellucrypt®), using six unique encryption keys for each individual item stored or shared in Verifyle.

Not only does Verifyle help to keep your communications private and secure, it also provides a polished and professional way to present yourself to existing and prospective clients.

As a part of your free Verifyle Pro account, you’ll have unlimited access Verifyle’s digital signatures capability, where you can request to have your clients sign, date and initial documents inside Verifyle.

Information regarding this training has been emailed out to CSTC members. If you did not receive the information, please email [email protected].

Calendar of Events
January 2023

January 4, 2023

Situational Social Security
San Jose Chapter Virtual Meeting
2 Federal Law hours (Topics covering existing tax law)
Click here to learn more and register

January 5, 2023

Update for 2022 Returns!
Hosted by the San Diego Chapter
Materials provided by Brass Tax Presentations
8 hours federal tax update
Click here to learn more and register

January 6, 2023

Update for 2022 Returns!
Hosted by the East County San Diego Chapter
Materials provided by Brass Tax Presentations
8 hours federal tax update
Click here to learn more and register

January 7, 2022

Update for 2022 Returns!
Hosted by the North County San Diego and Temecula Valley Chapter
Materials provided by Brass Tax Presentations
8 hours federal tax update
Click here to learn more and register

Tax Year 2022 Update Workshop
Inland Empire Chapter In-Person Workshop
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

January 10, 2023

Taxbook & Ethics
Central Valley Chapter In-Person Meeting
6 Federal Law hours (Topics covering existing tax law)
2 Ethics hours (Topics meeting the ethics requirements under Cir 230)
Click here to learn more and register

January 11, 2023

Schedule K2/K3 Update
San Francisco Bay Chapter Virtual Meeting
2 Federal Tax Update hours (Topics covering new tax law)
Click here to learn more and register

January 14, 2023

2022 Federal & California Update (part one of two, continued on January 21)
San Jose Chapter Virtual Meetings
2 California hours (Topics covering California law issues)
Click here to learn more and register

January 17, 2023

Update for 2022 Returns!
Hosted by the Central Valley Chapter
Materials provided by Brass Tax Presentations
8 hours federal tax update
Click here to learn more and register

January 19, 2023

Tax Updates and Getting Ready for Tax Season
Inland Empire Chapter Virtual Meeting
2 Federal Tax Update hours (Topics covering new tax law)
Click here to learn more and register

January 20, 2023

Round Table
Temecula Valley Chapter In-Person Meeting
1 Federal Law hours (Topics covering existing tax law)
Click here to learn more and register

S-Corporation Forms 1120-S Tax Preparation Workshop
Hosted by the Region Four Chapters
4 Federal Law hours (Topics covering existing tax law)
Click here to learn more and register

January 21, 2023

2022 Federal & California Update (part two of two)
San Jose Chapter Virtual Meetings
4 Federal Tax Update hours (Topics covering new tax law)
Click here to learn more and register

January 25, 2023

Employee Retention Credit (ERC): Eligibility, 2020 vs. 2021, and IRS Guidance
San Jose Chapter Virtual Meeting
2 Federal Law hours (Topics covering existing tax law)
Click here to learn more and register

2022 Tax Update
Wine Country Chapter In-Person Meeting
2 Federal Tax Update hours (Topics covering new tax law)
Click here to learn more and register

Click here to view the CSTC calendar.

Welcome New CSTC Members!

Please help us by joining our newest CSTC Members!

Elvia Castaneda
Inland Empire Chapter

Jay Chhabra
San Jose Chapter

Daksha Dave
San Diego Chapter

Consuelo Hernandez
Inland Empire Chapter

Miguel Hernandez
San Diego Chapter

Anne Lew
San Diego Chapter

Kevin McDowell
San Jose Chapter

Victoria Menzies
San Jose Chapter

Simon Siu
San Jose Chapter

Diana Whipple
San Jose Chapter

Stephanie Winchell
Central Valley Chapter

Tomas Zarate
Central Valley 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.

   

News from the IRS 

Treasury, IRS provide updated guidance on accounting methods for specified research or experimental expenditures

IR-2022-235, December 29, 2022 — The Treasury Department and Internal Revenue Service today issued Revenue Procedure 2023-11 providing updated guidelines for accounting method changes for specified research or experimental expenditures.

IRS issues standard mileage rates for 2023; business use increases 3 cents per mile

IR-2022-234, December 29, 2022 — The Internal Revenue Service today issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Treasury, IRS issue guidance on the incremental cost for the Commercial Clean Vehicle Credit

IR-2022-233, December 29, 2022 — The Treasury Department and Internal Revenue Service today issued Notice 2023-9 regarding the commercial clean vehicle credit for commercial vehicles purchased and placed in service, during the taxable year.

Treasury, IRS issue guidance on their intent to publish regulations regarding clean vehicles

IR-2022-232, December 29, 2022 — The Treasury Department and Internal Revenue Service today issued Notice 2023-01 of its intent to publish regulations related to the new clean vehicle credit.

IRS releases frequently asked questions about clean vehicles credits for new, previously owned and commercial clean vehicles

IR-2022-231, December 29, 2022 — The Internal Revenue Service today released frequently asked questions (FAQs) about clean vehicle credits for new, previously owned and commercial clean vehicles in Fact Sheet (FS-2022-42).

IRS updates frequently asked questions about Form 1099-K

IR-2022-230, December 28, 2022 — The Internal Revenue Service today updated frequently asked questions (FAQs) for Form 1099-K, Payment Card and Third Party Network Transactions, in Fact Sheet FS-2022-41.

Treasury, IRS issue interim guidance on new corporate alternative minimum tax

IR-2022-229, December 27, 2022 — The Treasury Department and the Internal Revenue Service today issued Notice 2023-07, which provides interim guidance regarding the application of the new corporate alternative minimum tax (CAMT) until the issuance of proposed regulations.

Treasury, IRS issue guidance on corporate stock repurchase excise tax in advance of forthcoming regulations

IR-2022-228, December 27, 2022 — The Treasury Department and the Internal Revenue Service today issued Notice 2023-2, which provides interim guidance regarding the application of the corporate stock repurchase excise tax until the issuance of proposed regulations.

Treasury, IRS provide transitional guidance for broker reporting on digital assets

IR-2022-227, December 23, 2022 — The Treasury Department and Internal Revenue Service announced today that brokers are not required to report additional information with respect to dispositions of digital assets until final regulations are issued under sections 6045 and 6045A.

IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K

IR-2022-226, December 23, 2022 — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.

IRS releases frequently asked questions about energy efficient home improvements and residential clean energy property credits

IR-2022-225, December 22, 2022 — The Internal Revenue Service today released frequently asked questions (FAQs) about energy efficient home improvements and residential clean energy property credits.

Save for retirement now, get a tax credit later: Saver’s Credit higher limits can help low- and moderate-income workers save more in 2023

IR-2022-224, December 21, 2022 — The IRS reminds low- and moderate-income workers that they can save for retirement now and possibly earn a special tax credit in 2022 and years ahead.

Treasury, IRS issue guidance on new Sustainable Aviation Fuel Credit

IR-2022-223, December 19, 2022 — The Treasury Department and Internal Revenue Service today issued a notice regarding the Sustainable Aviation Fuel (SAF) credit. This is a new credit created by the Inflation Reduction Act of 2022. It applies to a qualified fuel mixture containing sustainable aviation fuel for certain sales or uses in calendar years 2023 and 2024.

IRS announces new deputy chief for the Taxpayer Experience Office

IR-2022-222, December 16, 2022 — The Internal Revenue Service announced Courtney Kay-Decker as the new Deputy Chief Taxpayer Experience Officer today.

IRS presents its fiscal year 2022 Agency Financial Report

IR-2022-221, December 15, 2022 — The Internal Revenue Service published its most recent Financial Report on the IRS.gov website, which provides a glimpse at IRS operations during the recently completed fiscal year 2022.

IRS reminder: For many employers and self-employed people, deferred Social Security tax payment due Dec. 31

IR-2022-220, December 14, 2022 — The Internal Revenue Service today reminded employers and self-employed individuals that chose to defer paying part of their 2020 Social Security tax liability that their second annual installment of the deferred amount is due on December 31, 2022.

IRS Independent Office of Appeals selects new deputy chief

IR-2022-219, December 14, 2022 — The IRS Independent Office of Appeals has selected Elizabeth (Liz) Askey as its new deputy chief. In this role, she will provide leadership and direction over nationwide programs designed to fairly and impartially resolve tax controversies without litigation on behalf of the federal government and taxpayers.

Treasury and IRS set out procedures for manufacturers, sellers of clean vehicles

IR-2022-218, December 12, 2022 — The Treasury Department and Internal Revenue Service today issued a Revenue Procedure setting out key processes for manufacturers and sellers of clean vehicles. These processes are required for vehicles to be eligible for one or more clean vehicle tax incentives, including tax credits for new and previously owned clean vehicles, as well as for commercial clean vehicles.

IRS reminds those over age 72 to start withdrawals from IRAs and retirement plans to avoid penalties

IR-2022-217, December 12, 2022 — The Internal Revenue Service today reminded those who were born in 1950 or earlier that funds in their retirement plans and individual retirement arrangements face important upcoming deadlines for required minimum distributions to avoid penalties.

Community and bilingual volunteers needed to provide free tax help in 2023

IR-2022-216, December 8, 2022 — The Internal Revenue Service is looking for volunteers to train for the upcoming filing season to provide free tax help in communities across the country. Bilingual volunteers are particularly needed.

IRS seeking qualified applicants for the Electronic Tax Administration Advisory Committee

IR-2022-215, December 7, 2022 — The Internal Revenue Service is seeking qualified applicants for nomination to the Electronic Tax Administration Advisory Committee (ETAAC). Applications will be accepted through January 31, 2023.

Treasury and IRS propose regulations identifying syndicated conservation easement transactions as abusive tax transactions

IR-2022-214, December 6, 2022 — The Treasury Department and Internal Revenue Service today issued proposed regulations identifying certain syndicated conservation easement (SCE) transactions as “listed transactions” – abusive tax transactions that must be reported to the IRS.

Get Ready for taxes: What's new and what to consider when filing in 2023

IR-2022-213, December 6, 2022 — The Internal Revenue Service encouraged taxpayers to take important actions this month to help them file their 2022 federal tax returns.

IRS updates frequently asked questions about the 2020 unemployment compensation exclusion

IR-2022-212, December 2, 2022 — The Internal Revenue Service today updated frequently asked questions (FAQs) for the 2020 unemployment compensation exclusion.

IRS, Security Summit partners wrap up National Tax Security Awareness Week with steps businesses should take to prevent data loss, fraud

IR-2022-211, December 2, 2022 — To wrap up National Tax Security Awareness Week, the Internal Revenue Service and the Security Summit partners today urged businesses to remain vigilant against cyberattacks aimed at stealing their customer’s personal information and other business data.

National Tax Security Awareness Week, Day 4: Choosing a unique Identity Protection PIN adds extra safety for taxpayers

IR-2022-210, December 1, 2022 — As part of a broader effort to increase security, the Internal Revenue Service and the Security Summit partners today reminded taxpayers they could get extra protection starting in January by joining the agency’s Identity Protection Personal Identification Number (IP PIN) program.

News Release and Fact Sheet Archive

Find an archive of news releases and fact sheets from November 2002 and news releases and a listing of fact sheets from 1997.
Click here for more information 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 | PO Box 10, Manhattan Beach, CA 90267
Phone (949) 715-4192 | [email protected]