In This Issue...

1. From the CSTC President
2. Register today for the 2022 Summer Symposium
3. Upcoming Wednesday Webinar 
4. Vote Today for the CSTC Member of the Year!
5. June Events
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.

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

A New Approach
President's Column

How’s this for a radical thought:  Don’t identify your weaknesses and work to improve them. Rather, concentrate on your strengths and work to develop them.

This is the premise in the book Now, Discover Your Strengths by Marcus Buckingham and Donald O Clifton. The authors contend that our focusing on improving our weaknesses is holding us back from excelling.

Tiger Woods is an example. He excels at golf. He is not as good at chip shots as some golfers, but his strength is his swing, By focusing on developing his swing, he became an excellent golfer. If he had focused on his weakness, he may have improved his chip shot, but he wouldn’t have become one of the best golfers in the world.

It seems to be ingrained in us that anyone can acquire the knowledge and skills to do an activity, and if there is any lack, then we should work to improve the weak areas. At best, this will make us well-rounded. But consider instead if we looked at what we are good at and worked on developing those strengths. Then we could excel. We may still have weaknesses, but as long as they aren’t a hindrance to our success, we can work with them or around them.

A strength is a consistent, above average performance in an activity, but you don’t need strength in every area to excel. Rather, you need compelling strength in one area. Maximizing that strength will yield much greater success than trying to improve the weaker areas.

Each of us are born with certain talents – maybe the ability to talk to strangers, or the patience to do detailed work. These talents can be refined and enhanced with knowledge and skills. These skills work best when combined with innate talent.

We can discover our talents by observing our reactions to different situations. For example, if an employee calls in sick, is your first concern with his health or with the work that won’t get done? Neither response is right or wrong; rather it reveals the nature and strengths of the person. The first shows an ability to empathize while the second shows the ability to arrange and delegate. And each would do well in a different position – perhaps the first in a position in HR and the second in a scheduling position.

So how does this apply to us? In our personal life, discovering our strengths can help us know ourselves and make better decisions. In our work life, it can help us decide which areas of our practice to focus on, giving priority to those areas that align with our strengths and letting go of the areas that don’t. If we’re hiring an employee, it could help us hire someone whose strengths fit the position.

The authors list some common talents, including Arranger and Empathy, as illustrated above, Harmony, Achiever, and Belief. The last one, Belief, refers to people who value meaning more than money and excel at work they find profound and fulfilling. This is a strength I see in abundance in CSTC, where so many members voluntarily give their time to serve as officers, as committee members, and as teachers and mentors to fellow practitioners. We have heard more than once from people who deal with similar organizations that CSTC is notable for the engagement and the enthusiasm of its members. And the results are clear – our members are being fulfilled and CSTC is growing and expanding, truly “improving the tax industry one professional at a time.”

Linda Dong
CSTC President

Register Today for the 2022 Summer Symposium!

June 12-15, 2022
Silver Legacy Resort and Casino
Reno, Nevada

The California Society of Tax Consultants, Inc (CSTC), has been a nonprofit organization for the benefit of tax professionals throughout California since 1966 (formerly known as ISTC), and delivers quality education and unique member benefits. As a bookkeeper, accountant, Enrolled Agent, or CPA, you can take advantage of everything CSTC has to offer. Programs cover a wide spectrum of tax topics that are approved for CTEC, EA & CPA credit.

The CSTC Summer Tax Symposium is an event not to miss!

Registration Information and Fees

Registration fees includes: Educational sessions and materials, Daily Breakfasts, Daily Lunches, Sunday Evening Social & Buffet, and Refreshment Breaks.

Cancellation policy: Written/emailed requests for a registration fee refund will be accepted until May 20, 2022. A $100 administrative fee will be deducted from all refunds. No refund of any kind will be given if a written cancellation notice is received after May 20, 2022. There are no refunds for no-show registrants.

CLICK HERE TO LEARN MORE AND REGISTER!

CSTC Academy: Wednesday Webinar Series

Pass-Through Entity State Tax Elections: Federal State and Local Tax Limit (SALT) Workaround
10:00 AM to 12:00 PM
Cost: Member: $40 / Non-Member: $70
Wednesday, June 8, 2022

Description:
This course will explain the latest information of the new state passthrough entity tax credits available for the federal SALT workarounds. We'll focus on California in our examples and we'll also discuss other states legislation and the SALT workarounds available from other states. We'll review which entities and partners, shareholders, or LLC members which may participate and which entities may participate. Also, the federal tax savings available from participating these state credits, the timing of the payments, and other compliance matters and strategies related to the credits.

CLICK HERE to learn more and register!

Calendar of Events
June 2022

June 1, 2022

Topic: Partnership and S Corporation K1's, Were you required to complete a K2 and K3's in 2021?
Temecula Valley Chapter In-Person Meeting
2 Federal Law hours (Topics covering existing tax law)
Click here to learn more and register

Topic: Cryptocurrency Tax Compliance: Tax Filing Requirements; Managing IRS Examinations
San Francisco Bay Chapter Virtual Meeting
2 Federal Law hours (Topics covering existing tax law)
Click here to learn more and register

June 2, 2022

Topic: The Taxman Always Rings Twice
San Gabriel Valley Chapter In-Person Meeting
1 Federal Law hours (Topics covering existing tax law)
1 California hours (Topics covering California law issues)
Click here to learn more and register

June 7, 2022

Topic: Post Mortem Tax Planning for Form 1041
East County San Diego Chapter Virtual Chapter Meeting
2 Federal Law hours (Topics covering existing tax law)
Click here to learn more and register

June 9, 2022

Topic: Unwrapping the Gift Tax
North County San Diego Chapter In-Person Meeting
2 Federal Law hours (Topics covering existing tax law)
Click here to learn more and register

June 15, 2022

Topic: My Tax Consultant, The Hero! Help Your Clients Retire from Landlording Without a Tax Bill Using Delaware Statutory Trusts in a 1031 Exchange
San Jose Chapter Virtual Meeting
2 Federal Law hours (Topics covering existing tax law)
Click here to learn more and register

June 29, 2022

Topic: 2022 Retirement Plan Update
Inland Empire 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.

Cast Your Vote for the CSTC Member of the Year!

At the heart of CSTC are those individuals who give so freely of their time to further the CSTC mission. The Member of the Year Award is CSTC’s highest honor, and acknowledges an outstanding individual for their extraordinary efforts in helping their fellow tax professionals by supporting CSTC. Individuals are nominated by other CSTC members, and a panel of judges then selects the final recipient. The Member of the Year Award is presented at the CSTC Annual Meeting, and the recipient receives an Award and their name will be added to a permanent plaque at the Society offices. The Award will be presented at the virtual CSTC Annual Meeting on June 14, 2022.

The deadline to fill out the form is June 8, 2022.

Click here to submit your vote!

Welcome New CSTC Members!

Please help us in joining our newest CSTC Members!

Imtiaz Ahmad
San Jose Chapter

Valarie Arce
Inland Empire Chapter

Tina Bolden
San Jose Chapter

Shary Carvalho
San Jose Chapter

Bevellie Harris
Central Valley Chapter

Daniel Farfan
Greater Long Beach Chapter

Nancy Kwok Fung
San Francisco Bay Chapter

John Ghaly
Orange County Chapter

Simin Ghanoni
Orange County Chapter

Wendi Grace
Inland Empire Chapter

Randy Hill
San Diego Chapter

Meline Mcwhirter
Member-at-Large

Brenda Morales
Orange County Chapter

Becki Nunez
Member-at-Large

Martha Olmedo
Inland Empire Chapter

Chhoeun Ouk
Greater Long Beach Chapter

Rosa Segura
Inland Empire Chapter

Patrena Shankling
Member-at-Large

Jerry Sheby
Greater Long Beach Chapter

James Stock
Orange County 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

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