CSTC Newsletter

June 2020

In This Issue...

  1. From the President
  2. CSTC Academy
  3. June Events
  4. Good News is Always Welcome - AB1140 Update
  5. CSTC Annual Business Meeting
  6. CSTC Member of the Year
  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.


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CSTC Mission

CSTC advances professionalism within the tax industry by:

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

 

From the President


Please click the above image to watch the President's message

INTO THE UNKNOWN.

Emmie, Adi, and Layla, my three granddaughters, all love Elsa the ice queen from the Disney Frozen movies. They especially love Elsa’s big song from Frozen 2 called “Into The Unknown”. The song gives Elsa the courage to face her fear of the unknown so she can unite the creatures and the people and save their homeland. To do so, she had to push forward through unknown territory, deal with grumpy people and scary beings, and unite them all for a fantastic end result. 

At the car wash on Saturday, Adi was with me singing “Into The Unknown” and it got me thinking how much of what we do takes us into the unknown. For her, driving through the car wash was exciting, dark, and adventurous, but she knew the end result would be a clean truck for grandpa. 

CSTC has gone through huge changes over the past 4 years as we have struggled to keep up with rapid changes in our industry by streamlining and automating processes and changing the way we do business. It has been a great adventure “into the unknown” and the results are really looking good. Then in March, our world exploded with the Covid-19 pandemic and we wondered how CSTC would survive. It quickly started looking like things would never be the same. We needed to figure out what to do and do it fast. We quickly figured out how to do Zoom webinars and many chapters have enjoyed success in putting them together. Now our wonderful Executive Director Jenn Baker can host the Webinar and provide full tech support. It’s great! 

We are still pushing forward into the unknown, but we can face our fears and make it a positive experience.

LET’S ANALYZE WHAT WE HAVE LEARNED FROM OUR COVID-19 EXPERIENCE SO FAR:

WHAT’S BEEN GOOD:

  • In-depth discussion of CSTC’s future
  • Forced to get online and provide online education
  • Compelled to learn how to communicate in new ways

WHAT WE HAVE LEARNED:

  • The value of being together
  • The importance of staying connected
  • We can do a lot of things remotely
  • Technology can be our friend 

WHAT WE MISS: 

  • Being together
  • Dinner meetings

WHAT WE CAN LET GO OF:

  • Certain things we have “always done”
  • Certain live meetings
  • Things we thought were critical that just aren’t 

RETURN TO NORMAL?

Whether or not we will ever return to “normal” is unknown. Will things go back the way they were in February, or will we establish a new normal? It seems pretty clear that we will need to establish a new normal. What will our new normal look like?

For CSTC, I believe the new “normal” will be a more exciting system of education offerings with the convenience of online classes and live classes and perhaps hybrid meetings with some attending in person and others online. Our new normal will have more “virtual” meetings and fewer in-person meetings. I believe that through technology we will be able to access tax professionals in the more remote corners of our state and also those who struggle to get to dinner meetings due to distance or disability. We will be able to share our classes, programs, and activities with everyone. Our new “normal” will include the ability to reach out to every tax professional regardless of where they live or what physical assessment they have. I am looking forward to everything our new normal offers us!

THANK YOU! THANK YOU! THANK YOU!

This term as your President has been incredible! I have really appreciated all the love and support I have received from all of you great and supportive members. Thank you! Our dedicated CSTC leadership team and the Board of Directors and Regional Directors have worked tirelessly to move forward in furtherance of our mission to “improve the tax industry one professional at a time” and their hard work has paid off. Our chapters are stronger than ever and are committed to making meetings informative and exciting. Working with Jenn Baker and our executive management team at Group Concepts has been a joy. Their energy and can-do attitude is awesome. Every task we have asked them to do for us has been professionally handled.

Additionally, I have grown personally and professionally from serving on the Board of Directors. I am inspired by the board members’ examples of hard work and dedication to family, friends, and CSTC. I would like to thank each of them for inspiring me to work hard and be a better person.

THANK YOU FOR EVERYTHING!

Gary Quackenbush, CSTC President


CSTC Academy

Welcome to the CSTC Academy. The Academy offers 80 hours of CE through 31 online courses beginning June 9, 2020. All sessions satisfy the continuing education requirements for EAs, OTRPs, CTECs, CPAs, and attorneys. Sessions are offered every Tuesday and Thursday, beginning at 8:30 am Pacific Time.  

The CSTC Academy is offering the 2020 Symposium Package in addition to individual sessions. The 2020 Symposium package allows you to register for ALL sessions at under $7 per CE hour. We hope you agree that this is a deal too good to pass up!

We will begin the sessions with a deep dive on COVID-19 tax relief, followed by sessions on net operating losses, representation, QBI, business entities, AB-5, trusts, California tax, SECURE Act, practice management and more!

We encourage you to explore our exceptional lineup of topics and speakers and give CSTC priority access to meeting your continuing education needs for 2020.

Click here to learn more!

 

Tuesday, June 9, 2020

8:30 AM to 12:00 PM Topic: COVID 19 Tax Relief
Speaker: Claudia Stanley, CPA, EA
Hours: 4 Federal Update Hours
 

Thursday, June 11, 2020

8:30 AM to 9:20 AM Topic: Net Operating Losses
Speaker: Jane Ryder, EA, CPA
Hours: 1 Federal Update Hour
9:30 AM to 12:00 PM Topic: Retirement - Secure Act, CARES Act
Speaker: Karen Joyner, EA
Hours: 3 Federal Update Hours
 

Tuesday, June 16, 2020

8:30 AM to 10:10 AM Topic: Love and Marriage
Speaker: Eva Rosenberg, MBA, EA
Hours: 1 Federal Tax Law Hour, 1 California Hour
10:30 AM to 12:10 AM Topic: Employee / Employer Issues, Payroll Loans
Speaker: Jane Ryder, Ea, CPA
Hours: 2 Federal Tax Law Hours
 

Thursday, June 18, 2020

8:30 AM to 12:00 PM Topic: IRS Installment Agreements: A to Z
Speaker: Veronica Marelli, EA
Hours: 4 Federal Tax Law Hours
 

Tuesday, June 23, 2020

8:30 AM to 10:10 AM Topic: The Tax Consequences of Choice:  Options, Futures, Rights & Warrants
Speaker: Monica Haven, EA, JD, LLM
Hours: 2 Federal Tax Law Hours
10:30 AM to 12:10 AM Topic: Community Property State Issues
Speaker: Susan Tinel, EA
Hours: 2 Federal Tax Law Hours
 

Thursday, June 25, 2020

8:30 AM to 10:10 AM Topic: Form 1041:  A Roadmap To Preparing The Fiduciary Return
Speaker: Monica Haven, EA, JD, LLM
Hours: 2 Federal Tax Law Hours
10:30 AM to 12:10 AM Topic: Employees After Dynamex, AB-5, and Beyond!
Speaker: Frank Acuña, Attorney at Law
Hours: 2 California Hours
 

Tuesday, June 30, 2020

8:30 AM to 10:10 AM Topic: California Update – The latest and greatest
Speaker: Karen Joyner, EA
Hours: 2 California Hours
10:30 AM to 12:10 AM Topic: IRS Notices - Recognition & Response
Speaker: LG Brooks, EA, CTRS
Hours: 2 Federal Tax Law Hours
 

Thursday, July 2, 2020

8:30 AM to 12:00 PM Topic: Maximizing QBI
Speaker: Jane Ryder, EA, CPA
Hours: 4 Federal Tax Law Hours
 

Tuesday, July 7, 2020

8:30 AM to 10:10 AM Topic: Audit Reconsideration
Speaker: LG Brooks, EA, CTRS
Hours: 2 Federal Tax Law Hours
10:30 AM to 12:10 AM Topic: What to Do With an AB Trust That No Longer Makes Sense
Speaker: Frank Acuña, Attorney at Law
Hours: 2 Federal Tax Law Hours
 

Thursday, July 9, 2020

8:30 AM to 10:10 AM Topic: Rethink What you Know about Tax, Wealth & Business Exit Planning
Speaker: Edward Cotney, Certified Exit Planner, Certified Philanthropic Developer, Family Wealth Counselor
Hours: 1 Federal Tax Law Hour, 1 California Hour
10:30 AM to 12:10 AM Topic: IRA Fundamentals and the Need for IRA Trusts
Speaker: Frank Acuña, Attorney at Law
Hours: 2 Federal Tax Law Hours
 

Tuesday, July 14, 2020

   No sessions in observance of the filing deadline
 

Thursday, July 16, 2020

8:30 AM to 12:00 PM
Topic: IRS Audit Audit & Appeals Representation – Problem Issues of Schedule C
Speaker: Anthony D. Bustos, EA

Hours: 4 Federal Tax Law Hours
 

Tuesday, July 21, 2020

8:30 AM to 10:10 AM Topic: Shannon's Hall of Tax Curiosities - Curiouser and Curiouser
Speaker: Shannon Hall, EA
Hours: 2 Federal Tax Law Hours
10:30 AM to 12:10 AM Topic: Collection Due Process Tax Matters
Speaker: LG Brooks, EA, CTRS
Hours: 2 Federal Tax Law Hours
 

Thursday, July 23, 2020

8:30 AM to 12:00 PM Topic: Appealing Decisions
Speaker: Gary Quackenbush, Esp
Hours: 4 Federal Tax Law Hours
 

Tuesday, July 28, 2020

8:30 AM to 12:00 PM Topic: LLC Classifications and Elections
Speaker: Susan Tinel
Hours: 4 Federal Tax Law Hours
 

Thursday, July 30, 2020

8:30 AM to 10:10 AM  Topic: Filing the Non-Filer
Speaker: Veronica Marelli, EA
Hours: 2 Federal Tax Law Hours
10:30 AM to 12:10 AM Topic: Interest Income, Expense & Deductions for Individuals, Investment and Businesses
Speaker: Jane Ryder, EA, CPA
Hours: 2 Federal Tax Law Hours
 

Tuesday, August 4, 2020

8:30 AM to 10:10 AM  Topic: Intellectual Property
Speaker: Curt Harrington, Attorney at Law
Hours: 2 Federal Tax Law Hours
10:30 AM to 12:10 AM  Topic: Understanding Criminal Prosecution of Tax Crimes 
Speaker: Michael Blue, Attorney at Law
Hours: 1 Federal Tax Law Hour, 1 Ethics Hour
   Thursday, August 6, 2020

8:30 AM to 10:10 AM  Topic: Reading Between the Lines - How to Identify What Your Client Hasn't Told You
Speaker: Eva Rosenberg, MBA, EA
Hours: 2 Federal Tax Law Hours
10:30 AM to 12:10 AM Topic: Tax Professional Issues - ETHICS
Speaker: Gary Quackenbush, Esq
Hours: 2 Ethics Hours
 

 Tuesday, August 11, 2020

8:30 AM to 12:00 PM Topic: Dear Younger Me - (Series - Sch A, Sch C, Sch E)
Speaker: Claudia Stanley, CPA, EA
Hours: 4 Federal Tax Law Hours
 

 Thursday, August 13, 2020

8:30 AM to 12:00 PM Topic: Discovering the Life Cycle of a Non-profit Organization
Speaker: David Eastis, CRTP
Hours: 2 Federal Tax Law Hours, 2 California Hours
 

Tuesday, August 18, 2020

8:30 AM to 12:00 PM Topic: Business Entity Balance Sheets & Basis
Speaker: Jane Ryder, EA, CPA
Hours: 4 Federal Tax Law Hours


Click here to learn more and register!
 


June Virtual Chapter Events

June 3, 2020

Topic: Taking the Mystery Out of Payroll Protection Program Forgiveness and the New 941 Payroll Reporting
San Francisco Bay Chapter Virtual Meeting
2 Federal Tax Law Hours

June 10, 2020

Topic: Code Breakers: Tax Research for the 21st Century
Orange County Chapter Virtual Meeting
2 Federal Tax Law Hours

June 18, 2020

Topic: Understanding Recent Updates of the Due Diligence Penalty 
San Diego Chapter Virtual Meeting
2 Federal Tax Law Hours

Click here to view the CSTC calendar.


Good News Is Always Welcome

I called CTEC on May 27th to ask about the status of AB-1140. CTEC says when they called the state they were told the Senate was “not moving forward on AB-1140.” So basically, the bill has died… good news for the California preparer!

(I took a precautionary step and sent a letter against AB-1140 to my Senator, Mike Morrell, just in case someone tries to resurrect AB-1140.)

My sincerest thanks to all CSTC members who joined Society over the past year in writing their assemblyman, senator, and any other state officials you may have contacted. Our combined efforts – along with the efforts of other professional organizations – has shown that we CAN make a difference. Kudos to you all!

Respectfully submitted,
Jen Horton, EA, Society 2nd VP Membership 


CSTC Annual Business Meeting

Please join the California Society of Tax Consultants for the Annual Business Meeting on June 24, 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 2020-2021 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 Member of the Year Nomination

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 Award will be presented at the CSTC Annual Meeting on June 24, 2020 via Zoom.

Each chapter is encouraged to nominate at least one, but no more than two members from their chapter. Nominations may also be made by any member-at-large.

Click here to fill out the online Member of the Year nomination form.

The deadline to fill out the form is June 12, 2020. 


Welcome New CSTC Members!

Please help us in joining our newest CSTC Members!

Charles Copeland
Greater Long Beach Chapter

Rodrigo Espiritu
San Francisco Bay Chapter

Jorge Gomez
Inland Empire Chapter

Glenys Groome
San Diego North County Chapter

Elizabeth Hambridge
Sacramento Chapter

Terri Jacobson
San Diego East County Chapter

Gerie Johnson
Sacramento Chapter

Ivan Lamptey
Sacramento Chapter

Tiffany Muir
Inland Empire Chapter

Steve Pedrazzi
Central Valley 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

Treasury, IRS provide regulations to help businesses claim credits for carbon capture

IR-2020-108, May 28, 2020 — The Treasury Department and the Internal Revenue Service today issued proposed regulations to help businesses understand how legislation passed in 2018 may benefit those claiming carbon capture credits.

IRS announces Form 1040-X electronic filing options coming this summer; major milestone reached for electronic returns

IR-2020-107, May 28, 2020 — The Internal Revenue Service announced today that later this summer taxpayers will for the first time be able to file their Form 1040-X, Amended U.S Individual Income Tax Return, electronically using available tax software products.

Treasury, IRS provide safe harbor for taxpayers that develop renewable energy projects

IR-2020-106, May 27, 2020 — The Treasury Department and the Internal Revenue Service today provided tax relief for taxpayers that develop renewable energy projects that produce electricity from sources such as wind, biomass, geothermal, landfill gas, trash, and hydropower, and use technologies such as solar panels, fuel cells, microturbines, and combined heat and power systems.

Economic Impact Payments being sent by prepaid debit cards, arrive in plain envelope; IRS.gov answers frequently asked questions

IR-2020-105, May 27, 2020 – As Economic Impact Payments continue to be successfully delivered, the Internal Revenue Service today reminds taxpayers that some payments are being sent by prepaid debit card.

IRS provides guidance on income tax withholding on certain periodic retirement and annuity payments

IR-2020-104, May 27, 2020 — The U.S. Department of the Treasury and the Internal Revenue Service today issued a proposed regulation updating the federal income tax withholding rules for periodic retirement and annuity payments made after December 31, 2020.

Treasury, IRS issue final regulations providing relief for certain tax-exempt organizations

IR-2020-103, May 26, 2020 — The Department of the Treasury and the Internal Revenue Service today issued final regulations clarifying the reporting requirements generally applicable to tax-exempt organizations.

IRS Fraud Enforcement Program adds Schenck as National Fraud Counsel

IR-2020-102, May 26, 2020 — The Internal Revenue Service has named attorney Carolyn Schenck as the National Fraud Counsel serving the agency’s new Fraud Enforcement Program.

Treasury, IRS release latest state-by-state Economic Impact Payment figures for May 22, 2020

IR-2020-101, May 22, 2020 — The Treasury Department and the IRS today released updated state-by-state figures for Economic Impact Payments reflecting the opening weeks of the program.

IRS Nationwide Tax Forums go virtual in 2020

IR-2020-100, May 21, 2020 — The IRS today announced the 2020 IRS Nationwide Tax Forums will be held virtually in 2020 with a series of live-streamed webinars beginning this July.

IRS.gov helps taxpayers get tax information they need; find tools for filing, paying, checking accounts and answering questions

IR-2020-99, May 21, 2020 — The IRS reminds taxpayers today about several online tools available to help them get the tax information they need as the IRS has limited operations due to the coronavirus.

Andy Keyso named Chief of IRS Independent Office of Appeals

IR-2020-98, May 20, 2020 — The Internal Revenue Service announced today that Andy Keyso has been selected to serve as the Chief of the IRS Independent Office of Appeals.

IRS adds phone operators to answer Economic Impact Payment questions

IR-2020-97, May 18, 2020 — Today, the Internal Revenue Service is starting to add 3,500 telephone representatives to answer some of the most common questions about Economic Impact Payments.

IRS expands partner materials for Economic Impact Payments; continues sweeping effort to share details in multiple languages

IR-2020-96, May 15, 2020 — The Internal Revenue Service announced today the availability of additional material for partner groups sharing information related to Economic Impact Payments, including a new toolkit in Spanish and a variety of other print and visual items available.

IRS provides tax relief through increased flexibility for taxpayers in section 125 cafeteria plans

IR-2020-95, May 12, 2020 — The Internal Revenue Service today released guidance to allow temporary changes to section 125 cafeteria plans.

IRS provides guidance on the deductibility and reporting of certain amounts paid to, or at the direction of, governments

IR-2020-94, May 12, 2020 — The Internal Revenue Service today issued proposed regulations under the Tax Cuts and Jobs Act (TCJA) that provide guidance to taxpayers and governments with respect to fines, penalties and certain other amounts.

Why the Economic Impact Payment amount could be different than anticipated

IR-2020-93, May 11, 2020 — The IRS and Treasury have successfully delivered nearly 130 million Economic Impact Payments to Americans in less than a month, and more are on the way.

Act by Wednesday for chance to get quicker Economic Impact Payment; timeline for payments continues to accelerate

IR-2020-92, May 8, 2020 — With a variety of steps underway to speed Economic Impact Payments, the Treasury Department and the Internal Revenue Service urged people to use Get My Payment by noon Wednesday, May 13, for a chance to get a quicker delivery.

Treasury, IRS release latest state-by-state Economic Impact Payment figures

IR-2020-91, May 8, 2020 — The Treasury Department and the Internal Revenue Service today released updated state-by-state figures for Economic Impact Payments, with approximately 130 million individuals receiving payments worth more than $200 billion in the program’s first four weeks.

IRS provides guidance for estates and trusts for itemizing deductions

IR-2020-90, May 7, 2020 — The Internal Revenue Service today issued proposed regulations that provide guidance for estates and trusts clarifying that certain deductions of estates and non-grantor trusts are not miscellaneous itemized deductions.

IRS: Three new credits are available to many businesses hit by COVID-19

IR-2020-89, May 7, 2020 — The Internal Revenue Service today reminds employers affected by COVID-19 about three important new credits available to them.

IRS seeking applications for TCE and VITA grants

IR-2020-88, May 6, 2020 — The IRS is accepting applications for the Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grant programs, which will allow some organizations to apply for annual funding for up to three years.

IRS retools Settlement Days program in response to COVID-19 pandemic; allows unrepresented taxpayers to settle their cases virtually and reach finality

IR-2020-87, May 5, 2020 – The Internal Revenue Service Office of Chief Counsel today announced the Settlement Days program will continue remotely enabling unrepresented taxpayers to work towards resolving their pending United States Tax Court case despite "stay-at-home" orders in many jurisdictions.

VA, SSI recipients with eligible children need to act by Tuesday, May 5 to quickly add money to their automatic Economic Impact Payment; ‘Plus $500 Push’ continues

IR-2020-86, May 1, 2020 — The Internal Revenue Service today reminded Supplemental Security Income and Department of Veterans Affairs beneficiaries to act by Tuesday, May 5 if they didn’t file a tax return in 2018 or 2019 and have dependents so they can quickly receive the full amount of their Economic Impact Payment.

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 fro 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 | 320 Pine Ave, Suite #1050, Long Beach, CA 90802
Phone (949) 715-4192 | [email protected]