In This Issue...

1. From the CSTC President
2. Practice Tips from Members
3. Registration is OPEN for the 2021 Fall Forum!
4. October Events
5. Register Now for the Wednesday Webinar Series
6. 2022 Running Start
7. Welcome New CSTC Members
8. Legislative Advocacy
9. News from the IRS
10. 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

From the President
The End is in View...

Finally! Only two more weeks! And then we’re at the end of what may be the worst tax season ever! This is one season we’re definitely glad to see the end of!

But was it the worst ever? It’s hard to say….

• Remember tax year 2018 … the TCJA (Tax Cuts and Jobs Act), the most significant tax code overhaul in three decades, went into effect and we all scrambled to learn and apply the many changes.
• The following year, the SECURE Act had just been passed in December. Then halfway through tax season, the COVID-19 lockdown disrupted all of our practices. It also brought in the CARES Act and PPP loans,  plus a deadline extended to July!
• Tax year 2020 saw continued partial lockdowns, plus more new tax laws, most notably the CARES Act which was passed in March and applied retroactively to 2020! Plus there were PPP loans and forgiveness, employer tax credits, and a deadline extended to May.

So now as we approach our third season since the pandemic hit, most of those issues have subsided. The pandemic health procedures are now part of our routine. And we’ve had time to learn about the tax laws and to deal with PPP loan forgiveness and employer tax credits. But now we’re potentially facing a huge new tax bill with enough tax increases to pay for the $3.5 trillion spending plan the Democrats want to pass.

As I write this, the details are still being worked out, and its passage is not certain. But I’m expecting a bill that, even if scaled back, is going to include a slew of tax changes. Some of the provisions in the Ways & Means Committee report include a graduated corporate tax rate with a top rate of 26.5%, a top capital gains rate of 25%, and a top individual rate of 37%. It includes limits on contributions and increased RMDs for large retirement accounts, a return to the pre-TCJA estate and gift tax exemption in 2022 instead of 2026, expansion of the net investment income tax (NIIT), and a limit on the qualified business income (QBI) deduction.

But this type of uncertainty, unlike the COVID-19 issues, has a timetable and an end date. We can watch it move through Congress and we know when it comes to a vote. Then our course is clear – learn the new laws and how they apply to our clients. For this, you can look to CSTC to provide relevant and up-to-date webinars. We’re already gearing up so our webinars will be ready to go as soon as the bill is signed. And of course, we’ll have our year-end updates to bring us up to date on recent changes at both the federal and state level.

And then we’ll be ready to once again tackle tax season, and hope we don’t get any more curve balls thrown our way!

Linda Dong, EA
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].

File Retention
From Janet Stotler

I don't keep backup paper files anymore. In addition to making full system backups onto a USB SSD drive on a regular basis, I also have online data backup at https://www.sync.com/. It costs me a whole $98 a year and it continuously backs up. I do not notice any drain on my system.

I also use File Center DMS for all my virtual file cabinet needs and have for many years. It is an awesome program and costs much less than other similar programs.

In the past, I always kept a paper copy of the most recent return so I could review it to make sure I had everything when they came in for their appointment. I don't do that anymore. I have a cheat sheet I set up to list each client’s normal income and deduction sources so I am ready to say “where is this or that?” when they come in. Of course, last year, everyone was a drop-off or a load up to my client portal. But it was still handy. Also contains spaces for other information handy to have top of mind.

Comment from Linda: I knew a preparer who kept a cheat sheet like Janet’s. In addition to tax items, he included personal notes, such as the children’s sports activities, or significant events, like a child going to college. He reviewed the cheat sheet before each tax appointment and was thus able to make relevant references to events in his clients’ lives. His clients were impressed with the personal touch. 

Registration is OPEN for the 2021 Virtual Fall Forum

It’s Fall (Forum) Y’all!
Article by Shannon Hall, First Vice President of Education

This is my favorite time of year, and not just because the crispness of the fall air brings the promise of the end of the tax season…finally! Now we can look forward to some well-deserved relaxation without the looming of filing deadlines lurking like a scare actor at a Halloween haunt, waiting for the best opportunity to pounce!

As the days shorten and the temperature drops (kind of), we reach for pumpkin spice everything and shift our focus to the really important things in life: spending time with friends and family, reflecting on all of the things we have to be thankful for, and, perhaps most importantly, making sure we have all the education we need for next year!

I am so excited to be serving as the VP in charge of education for our Society this year, and I cannot wait to share some of the big plans we are working on to make this year one of the best yet!

We are happy to announce that our annual Fall Forum is returning this year after last year’s covid-related hiatus and we could not be more thrilled to be able to offer our very own Linda Dong and Ruth Godfrey’s Virtual Business Boot Camp for this year’s program. 

This fantastic six-session course covers everything you need to get started (or brush up on) preparing entity returns. The material will cover everything from basis to balance sheets and features hands-on exercises to give you the tools you need to prepare 1120, 1120S, and 1065 returns. 

Having taken this course myself, I can tell you it is not to be missed!

CLICK HERE to learn more and to register! 

Calendar of Events
October 2021

October 5, 2021

Topic: California Update From The Taxpayer Advocates Office
Orange County South Chapter Virtual Meeting
2 California hours (Topics covering California law issues)
Click here to learn more and register

October 6, 2021

Topic: The Taxman Always Rings Twice
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: Ethics
San Francisco Bay Chapter Virtual Meeting
2 Ethics hours (Topics meeting the ethics requirements under Cir 230)
Click here to learn more and register

October 7, 2021

Topic: What you need to know about Cryptocurrency
San Gabriel Valley Chapter In-Person Dinner Meeting
2 Federal Law hours (Topics covering existing tax law)
Click here to learn more and register

October 18, 2021

Topic: Completion of Schedule C and Understanding IRS Examiner
Orange County South Chapter In-Person Meeting
2 Federal Law hours (Topics covering existing tax law)
Click here to learn more and register

October 20, 2021

Topic: Military Related Tax Provisions
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

Topic: Multistate Tax Issues
Inland Empire Chapter Virtual Meeting
2 California hours (Topics covering California law issues)
Click here to learn more and register

Topic: Repair or Improvement?
San Jose Chapter Virtual Meeting
2 Federal Law hours (Topics covering existing tax law)
Click here to learn more and register 

October 21, 2021

Topic: CA Update
San Diego Chapter In-Person Meeting
2 California hours (Topics covering California law issues)
Click here to learn more and register

October 26, 2021

Topic: TBA
Central Valley Chapter In-Person Meeting
Hours TBA
Click here to learn more

October 27, 2021

Topic: TBA
Greater Long Beach Chapter In-Person Meeting
Hours TBA
Click here to learn more and register

Topic: Tax Basis and PPP Loan Forgiveness
Wine Country Chapter In-Person Meeting
2 Federal Law hours (Topics covering existing tax law)
Click here to learn more and register

October 28, 2021

Topic: Partnerships and LLCs
Orange County South 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 education is designed for CTEC preparers, Enrolled Agents, CPAs, and attorneys and to fit the needs of all – from new preparers to highly experienced tax professionals. With one of the most affordable price points for educating tax professionals, we encourage you to explore how the CSTC Academy should be a must-attend for 2021. This webinar series will take place every Wednesday starting July 14 through November 10, 2021 excluding September 15, October 13, November 3. 

We encourage you to explore our exceptional lineup of topics and speakers and give CSTC priority access to meeting your continuing education needs for 2021.

THANK YOU TO OUR 2021 WEDNESDAY WEBINAR SPONSORS

Schedule-at-a-Glance

Registration Information and Fees

 
CLICK HERE TO LEARN MORE AND REGISTER! 

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:

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:

CLICK HERE to learn more and register!

Welcome New CSTC Members!

Please help us in joining our newest CSTC Members!

Robert Balbin
Central Valley Chapter

Maria Bartlett
Sacramento Chapter

Rebecca Beattie
Orange County Chapter

Mabilia Carpio
Los Angeles Chapter

Jennie Deh
San Jose Chapter

Rocio Fajardo
Orange County South Chapter

Maria Fuentes
Los Angeles Chapter

Maria Gapinski
San Francisco Bay Chapter

Victoria Lambson
Member-at-Large Chapter

Johanna Sandoval
San Francisco Bay Chapter

Valentine Songeur
North County San Diego Chapter

Rosemarie Sy
Central Vallet Chapter

Duong Trinh
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.

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]