In This Issue...

1. From the CSTC President
2. Register today for the 2022 Summer Symposium
3. Upcoming Wednesday Webinar - Master Form 7203 S Corp Basis for Form 1040
4. April 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

The sky overhead is a brilliant blue, a few puffy clouds drifting by. The road ahead meanders through the gently rolling hills past farms and meadows. We’re in the Ozarks in southern Missouri enjoying a few days of relaxation after the stress of tax season.

I’ve been having trouble connecting with the internet, so, after a quick glance to see no urgent emails, I deliberately unplug. These few days are for the here and now, for exploring this area.

In the hilly sections, we find swaths of grey, the trees bare of leaves, punctuated by weathered rock formations, patches of evergreens and bright pops of color from the budding redbud and dogwood trees. Upon closer inspection, we discover the trees are actually budding, and small light green leaves are beginning to emerge. Every day we observe more green and more leaves until by the time we leave five days later, the swaths of grey are now a very faint spring green.

The rock formations scattered throughout are layered, often forming small caves. In one spot, a waterfall flows out of one of these caves and bubbles down the stream. Up close as we hike, we observe tiny wildflowers in blue and pink, and large white webs woven by tent caterpillars in the trees.

Exploring the history of the area, we find Pea Ridge Battlefield, the site of the second battle in the Civil War west of the Mississippi. The two-day battle was eventually won by the Union and resulted in Missouri staying in the Union. The peaceful landscape belies the bloody battles that took place here, yet there is a sense of what it would be like for the soldiers – knowing there are enemy troops in the area, but unable to see them because of the trees.

And now we’re on the plane returning home, my soul sated and content, nurtured and refreshed by these past few days. And I’m ready once again to dive into work, to answer the myriad emails and respond to my clients’ questions and problems. And to reconnect with my CSTC friends.
I hope you too have had, or will have, a chance for some restful and restorative R and R.

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

Master Form 7203 S Corp Basis for Form 1040
10:00 AM to 12:00 PM
Cost: Member: $40 / Non-Member: $70
Wednesday, May 18, 2022

Description:
This course will review the filing requirements for Form 7203, including all of the latest IRS guidance and instructions for these forms.  Form 7203, new for 2021, is required to be filed with Form 1040 for most individual taxpayers with an S corp K-1. We'll review preparation of this form along with how to calculate stock basis, loan basis, and basis ordering. We'll also walk through sample forms and discuss when each section may be required. Also, what to do if your software hasn't supported the new form yet, plus reporting S corp losses limited by basis. 

Learning Objectives:
1. Learn the latest filing requirements for Form 7203, and 2021 relief offered by the IRS.
2. Receive sample Form 7203 with detailed calculations for stock and loan basis.
3. Understand the tax preparer's obligations for filing the new Form 7203 for S corp shareholders.
4. Discover other potential exposure issues with Form 7203, possible basis errors, loss limitations and more.
5. Determine the S Corp preparer's limitations and possible exposure when issuing basis statements with K1s.

CLICK HERE to learn more and register!

Calendar of Events
May 2022

May 4, 2022

Topic: 2021 Tax Season Finale
Temecula 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

Topic: The Tax Election under AB 150
San Francisco Bay Chapter Virtual Meeting
2 Federal Law hours (Topics covering existing tax law)
Click here to learn more and register

May 11, 2022

Topic: The Taxman Always Rings Twice
Orange County 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

Click here to view the CSTC calendar.

Welcome New CSTC Members!

Please help us in joining our newest CSTC Members!

Lisa Anguiano
San Diego Chapter

Henry Asare
Los Angeles Chapter

Marissa Bueno
Los Angeles Chapter

Teaunia McRae
Greater Long Beach 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]