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CSTC Newsletter

June 2021

In This Issue...

  1. From the President
  2. June Events
  3. Upcoming CSTC Seminar
  4. 2021 Annual Business Meeting
  5. Register Now for the 2021 Summer Symposium!
  6. Welcome New CSTC Members
  7. Legislative Advocacy
  8. News from the IRS
  9. 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.

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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.
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CSTC Mission Statement

CSTC advances professionalism within the tax industry by:

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

 

From the President
Gratitude & Effort

My dear CSTC friends and colleagues, thank you for everything!

Thank you for having me as your President for these past two and a half years. It has been a great adventure!

Carrying the torch of change and progress that Rod Couts and his team lit, carried valiantly, and handed to me has only been possible through real collaborative effort - and what a team we have! Our board, management team, regional directors, and chapter boards have been awesome as we have worked together to make CSTC stronger and more influential. Each person involved has made great personal sacrifices to carry out their responsibilities. We not only got through the Pandemic together, we crushed it together! What a thrill to see each of them being “cool with the sacrifices they have made”. We can all be grateful for CSTC’s tremendous growth and success.

I would like to personally thank each person who has put in the effort to support CSTC, and specifically our society board, management team, regional directors, and chapter boards. Please consider this a virtual handshake and hug to each of you! Thank you for your love, support, friendship, help, volunteer hours, understanding, patience, tolerance, camaraderie, encouragement, faith, and goodness. Thank you for your hugs, handshakes, kind words, smiles, emails, texts, and emoji.

Russell M. Nelson, world renowned cardiothoracic surgeon and world religious leader said that “effort gets rewarded”. It seems that effort almost acts like a currency. When you put in effort you get currency in the form of results and success. With more currency you have more freedom to choose and more motivation to act. As we entered the full blast of the Pandemic, CSTC worked very hard to make huge changes in how we provided education. The effort paid off greatly with awesome online education and new technology at our fingertips.

One of my favorite quotes I first heard in 1978 by Paul H. Dunn, “When you see a man on top of a mountain, just remember he didn’t fall there,” perfectly describes how we successfully navigated the past five years of CSTC change - we worked at it. It also prescribes how to succeed at anything - through effort.

Effort and gratitude are complementary practices. The more grateful you are for the fruits of your efforts, the more effort you are willing to put in. The more effort you put into most things the more grateful you are for the results achieved and the lessons learned.

As we fondly look back on our successes of the past, it is my hope that we can all look forward with excited anticipation to what is possible in the near future. I am totally confident that our newly elected leadership will make us stronger, better, and more influential as together we “improve the tax industry one professional at a time”.

Your friend,

Gary Quackenbush
CSTC President

Calendar of Events
June 2021

June 2, 2021

Topic: What We Need to Know About AirBNB and Other Rentals
San Francisco Bay Chapter Virtual Meeting
2 Federal Law hours (Topics covering existing tax law)
Click here to learn more and register

June 3, 2021

Topic: IRS ISSUES AND 2020 SEASON RESULTS
San Gabriel Valley Chapter In-Person Meeting
2 Federal Law hours (Topics covering existing tax law)
Click here to learn more and register

June 10, 2021

Topic: Divorce and Marriage: Taxes Matter More Now Than Ever
North County San Diego Chapter Virtual Meeting
2 Federal Law hours (Topics covering existing tax law)
Click here to learn more and register

June 16, 2021

Topic: American Rescue Plan Act and Other Updates
San Jose Chapter Virtual Meeting
2 Federal Tax Update hours (Topics covering new tax law)
Click here to learn more and register

June 17, 2021

Topic: American Rescue Plan Act and Other Updates
San Diego Chapter Virtual 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.

Upcoming CSTC Seminar

Thursday, June 3, 2021

IRA Fundamentals & The SECURE Act
Speaker: Frank Acuña, Attorney at Law

2 Federal Update Hours (Topics covering new tax laws)

10:00 AM to 11:40 AM
Member: $35 / Nonmember: $70

Now that we have a “permanent” estate tax law, our clients’ attention has been diverted to other tax issues. Chief among these; how to reduce the income tax and estate tax burdens associated with Individual Retirement Accounts.

This class will provide an overview of income and estate taxation related to IRAs after the enactment of the SECURE Act. We will focus particularly on the loss of traditional “stretch planning” and how to work around the new 10-year distribution rule. Several techniques exist that will increase the after-tax amount available as an inheritance to charities, children, grandchildren, and others. Finally, we will highlight expanded services that tax professionals could offer to their clients for this important aspect of tax planning.

CSTC Annual Business Meeting

Please join the California Society of Tax Consultants for the Annual Business Meeting on June 9, 2020 at 3:00 PM. This will be a virtual event via Zoom. The purpose of the Annual Business Meeting is for members to receive a report of the activities of the current year and install the new 2021-2022 Board of Directors. CSTC will also be honoring the CSTC Member of the Year, CSTC Chapter of the Year, and thank the leadership for their exemplary efforts in making our Society great. Please click the link below to register!

CSTC Members only

Schedule-at-a-Glance

 

Tuesday, June 8, 2021
8:30 AM to 10:10 AM Topic: California Property Taxes: How They Work and Post Prop 19 Strategies
Speaker: Frank Acuña, Attorney at Law
Hours: 2 California Hours
Knowledge Level: Intermediate
Click here to learn more and register for this webinar
10:45 AM to 12:25 PM Topic: Biden Tax Proposals - Planning for Individuals & Business
Speaker: Jane Ryder, EA, CPA
Hours: 2 Federal Update Hours
Knowledge Level: Update
Click here to learn more and register for this webinar
 

Wednesday, June 9, 2021
10:00 AM to 11:40 AM Topic: New Developments in Cryptocurrency - Reporting and Enforcement
Speaker: Michael Stein, Esq
Hours: 2 Federal Tax Law Hours
Knowledge Level: Basic
Click here to learn more and register for this webinar
 

Thursday, June 10, 2021
8:30 AM to 10:10 AM Topic: California Updates
Speaker: Karen Joyner, EA
Hours: 2 California Hours
Knowledge Level: Basic
Click here to learn more and register for this webinar
10:45 AM to 12:25 PM Topic: The Impact of Tax Changes on Your Client's Real Estate Investments
Speaker: Steve Mecham
Hours: 2 Federal Tax Law Hours
Knowledge Level: Basic
Click here to learn more and register for this webinar
 

Tuesday, June 15, 2021
8:30 AM to 10:10 AM Topic: FATCA Rules for Foreign Retirement Account Reporting
Speaker: Monica Haven, EA, JD, LLM
Hours: 2 Federal Tax Law Hours
Knowledge Level: Advanced
Click here to learn more and register for this webinar
10:45 AM to 12:25 PM Topic: Releasing Levies on Paychecks, Bank Accounts and Assets
Speaker: Eva Rosenberg, MBA, EA
Hours: 2 Federal Tax Law Hours
Knowledge Level: Basic
Click here to learn more and register for this webinar
 

Wednesday, June 16, 2021
10:00 AM to 11:40 AM Topic: Multistate Tax Issues
Speaker: Shannon Hall, EA
Hours: 2 California Hours
Knowledge Level: Intermediate
Click here to learn more and register for this webinar
 

Thursday, June 17, 2021
8:30 AM to 10:10 AM Topic: The Necessity of Preparing & Submitting a FOIA Request
Speaker: LG Brooks, EA, CTRS
Hours: 2 Federal Tax Law Hours
Knowledge Level: Intermediate
Click here to learn more and register for this webinar
10:45 AM to 12:25 PM Topic: Retirement Tax Planning Update
Speaker: Lawrence Pon, CPA/PFS, CFP, EA, USTCP, AEP
Hours: 2 Federal Update Hours
Knowledge Level: Intermediate
Click here to learn more and register for this webinar
 

Tuesday, June 22, 2021
8:30 AM to 10:10 AM Topic: Form 990 and Unrelated Business Income
Speaker: Louis Michelson, Esq
Hours: 2 Federal Tax Law Hours
Knowledge Level: Advanced
Click here to learn more and register for this webinar
10:45 AM to 12:25 PM Topic: Fundamentals of Entity Selection
Speaker: Jane Ryder, EA, CPA
Hours: 2 Federal Tax Law Hours
Knowledge Level: Basic
Click here to learn more and register for this webinar
 

Wednesday, June 23, 2021
10:00 AM to 11:40 AM Topic: ABC's of Family Member Theft
Speaker: Cynthia Healy, CPA, CFE, CSA
Hours: 2 Ethics Hours
Knowledge Level: Basic
Click here to learn more and register for this webinar
 

Thursday, June 24, 2021
8:30 AM to 10:10 AM Topic: California Collections - Start to Finish
Speaker: Veronica Marelli, EA
Hours: 2 California Hours
Knowledge Level: Intermediate
Click here to learn more and register for this webinar
10:45 AM to 12:25 PM Topic: Estate Planning - Funding and Maintaining Living Trusts - Tax Reduction Strategies
Speaker: Gary Quackenbush, Attorney at Law
Hours: 2 California Hours
Knowledge Level: Basic
Click here to learn more and register for this webinar

Registration Information and Fees

Category

EARLY BIRD PRICING!
(Available through February 28,2021)

Symposium Bundle!
ALL Courses - BEST VALUE!

Individual Purchase of a
Two Hour Course

Members

$420

$445

 $40

Non-Members

$570

$595

 $70

 

CLICK HERE TO LEARN MORE AND REGISTER!

Welcome New CSTC Members!

Please help us in joining our newest CSTC Members!

Jana Cain
San Francisco Bay Chapter

Alex Centeno
San Francisco Bay Chapter

Silvio Delgado
Los Angeles Chapter

Jeff Johnston
Sacramento Chapter

Lyudmila Lavrentieva
San Francisco Bay Chapter

Shannon LeDuc
Central Valley Chapter

Michele Madere
Sacramento Chapter

Jenny Morin
Sacramento Chapter

Patricia Stoller
Member-at-Large Chapter

Suellen Wiseman
San Jose 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.

   

News from the IRS 

Interest rates remain the same for the third quarter of 2021

IR-2021-120, May 27, 2021 — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2021.

More than 1.8 million additional Economic Impact Payments disbursed under the American Rescue Plan; total payments reach nearly 167 million

IR-2021-119, May 26, 2021 — Today, the Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they have disbursed more than 1.8 million additional Economic Impact Payments under the American Rescue Plan.

2021 IRS Virtual Nationwide Tax Forum begins in July

IR-2021-118, May 24, 2021 — The Internal Revenue Service today announced that the 2021 Virtual IRS Nationwide Tax Forum will be held over five weeks starting July 20, with a series of live-streamed webinars every Tuesday, Wednesday and Thursday.

With the May 17 deadline in the past, file taxes now to get refund or cut penalties and interest

IR-2021-117, May 20, 2021 — The Internal Revenue Service reminds taxpayers who missed the recent tax-filing deadline who are due a refund that there is no penalty for filing late.

IRS urges groups to share information to help those without permanent addresses get benefits including Economic Impact Payments, upcoming advance Child Tax Credit

IR-2021-116, May 19, 2021 — The Internal Revenue Service today continued an ongoing effort to help those experiencing homelessness by reminding people who don’t have a permanent address or a bank account that they may still qualify for stimulus payments and other credits, including the advance Child Tax Credit.

IRS provides guidance on premium assistance and tax credit for continuation health coverage

IR-2021-115, May 18, 2021 — The Internal Revenue Service today provided guidance on tax breaks under the American Rescue Plan Act of 2021 for continuation health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA).

IRS reminds taxpayers of May 17 deadline for individual income tax returns: extensions, other help available

IR-2021-114, May 17, 2021 — The Internal Revenue Service reminds taxpayers that the deadline for filing most individual income tax returns this year is May 17.

IRS, Treasury announce families of 88 percent of children in the U.S. to automatically receive monthly payment of refundable Child Tax Credit

IR-2021-113, May 17, 2021 — The Internal Revenue Service and the U.S. Department of the Treasury announced today that the first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15.

IRS extends May 17, other tax deadlines for victims of Tennessee storms; provides special guidelines for disaster area individuals needing further extensions

IR-2021-112, May 14, 2021 — Victims of this spring’s storms and tornadoes in Tennessee will have until August 2, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

IRS begins correcting tax returns for unemployment compensation income exclusion; periodic payments to be made May through summer

IR-2021-111, May 14, 2021 — The Internal Revenue Service will begin issuing refunds this week to eligible taxpayers who paid taxes on 2020 unemployment compensation that the recently-enacted American Rescue Plan later excluded from taxable income.

Facing a surprise tax bill? Be sure to still file by May 17

IR-2021-110, May 14, 2021 ― The Internal Revenue Service today reminded taxpayers who owe 2020 taxes that there are different ways to pay through IRS.gov, including payment options for many people who can’t pay in full.

IRS extends deadline to apply for the 2022-2024 volunteer Taxpayer Advocacy Panel

IR-2021-109, May 13, 2021 — The Internal Revenue Service has extended the deadline for civic-minded volunteers to apply for membership on the Taxpayer Advocacy Panel (TAP) for 2022.

IRS grants dyed diesel fuel penalty relief due to disruptions of the fuel supply chain

IR-2021-108, May 13, 2021 — The Internal Revenue Service, in response to disruptions of the fuel supply chain, will not impose a penalty when dyed diesel fuel is sold for use or used on the highway in the states of Alabama, Delaware, Georgia, Florida, Louisiana, Maryland, Mississippi, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and the District of Columbia.

Nearly 1 million additional Economic Impact Payments disbursed under the American Rescue Plan; total payments reach nearly 165 million

IR-2021-107, May 12, 2021 — Today, the Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they are disbursing nearly 1 million payments in the ninth batch of Economic Impact Payments from the American Rescue Plan.

IRS offers overview of tax provisions in American Rescue Plan; retroactive tax benefits help many people now preparing 2020 returns

IR-2021-106, May 11, 2021 — The Internal Revenue Service today provided an overview of some of the key tax provisions in the American Rescue Plan Act.

IRS issues guidance on taxability of dependent care assistance programs for 2021, 2022

IR-2021-105, May 10, 2021 — The Internal Revenue Service today issued guidance on the taxability of dependent care assistance programs for 2021 and 2022, clarifying that amounts attributable to carryovers or an extended period for incurring claims generally are not taxable.

Reminder to tax-exempt organizations: 990s, other forms due on May 17; information and tools available to help

IR-2021-104, May 7, 2021 — The Internal Revenue Service today reminds tax-exempt organizations that operate on a calendar-year (CY) basis that certain annual information and tax returns they file with the IRS are due on May 17, 2021.

More than 1.1 million additional Economic Impact Payments disbursed under the American Rescue Plan; payments total approximately 164 million

IR-2021-103, May 5, 2021 — Today, the Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they are disbursing more than 1.1 million payments in the eighth batch of Economic Impact Payments from the American Rescue Plan.

IRS announces use of Projected Contract Award Date web app that predicts when contracts will be signed

IR-2021-102, May 5, 2021 — The Internal Revenue Service’s Office of the Chief Procurement Officer today announced the successful development of a web app called Projected Contract Award Date.

As hurricane season nears, IRS reminds people to prepare for natural disasters

IR-2021-101, May 4, 2021 — The Internal Revenue Service reminds everyone that May includes National Hurricane Preparedness Week and is also National Wildfire Awareness Month.

Low Income Taxpayer Clinic 2022 grant application period now open

IR-2021-100, May 3, 2021 — The Internal Revenue Service today announced that the application period for Low Income Taxpayer Clinic (LITC) matching grants for calendar year 2022 will run from May 3, 2021, to June 18, 2021.

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]