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CSTC Newsletter

March 2020

In This Issue...

  1. From the President
  2. 2020 Summer Symposium Registration is OPEN!
  3. Become a Sponsor at the 2020 Summer Symposium
  4. March 2020 Chapter 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

CSTC advances professionalism within the tax industry by:

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

 

From the President

SAY WHAT?

Is it okay to talk to yourself? Is it okay to ask yourself questions? According to Zig Ziglar, a wonderful personal development mentor, it is okay to talk to yourself as long as you don’t find yourself saying, “What?” Think about that. You are having a great conversation with yourself rattling around some ideas or concepts that you’d like to develop or further understand and suddenly you find yourself saying “what?” What happened? Did you lose your train of thought? Did you forget what you were talking to yourself about? Did you become distracted?

According to Kim Scott, author of the book “Radical Candor”, to be able to develop relationships and communicate effectively with people we need to create a culture of open communication. A big factor in creating a culture of open communication is to show that we are interested in what the other person is trying to communicate. If we are distracted by any of 5 million things that are going on at the same time in our lives, and that distraction prevents us from focusing on communicating with the person that we are with, we are creating the opposite of open communication. We would be closing off the communication channel and shutting off the development of relationships.

Doesn’t it seem to you that we hear quite a bit of blame being placed on “that millennial generation”, or “that generation X”, or “that generation Z”, for not being able to have effective open communication and relationships? We look at electronic devices that the younger generations haul around and blame their obsession with electronics for the lack of open communication. It doesn’t take much to step back and realize that it has very little to do with generation M or X or Z and it has everything to do with every generation. Whether you are like my 85-year-old dad using email, Facebook, Snapchat, and telling Alexa what to do, or like my four-year-old granddaughter talking to me on FaceTime, sending me a Snapchat, or telling Alexa what to do, we all are faced with the same electronic distractions. Electronic distractions do not care how old you are, they are everywhere and affect everyone. In fact, it does not do any good to try to get rid of them or shut them all out because you will miss out on wonderful communications that otherwise would not happen.

The key to developing a culture of open communication and therefore a culture where personal relationships take priority is to get control over all of our electronic distractions, devices, and methods of electronic communication. I’m a big advocate of electronics. I love my FitBit, my cell phone, my computer, my laptop, my iPad, my e-mail, and my Alexa (purely platonic) but it is super important that I control them and use them as tools and not vice versa. Most of the time when I hear myself say “what?” in the midst of talking to myself, it is because I received a text, a notification, or some other cool electronic flash that caught my attention. It’s awesome how quickly electronicy things (I made that up) catch my attention and how often I find myself saying “what?” to myself. It can be quite annoying in fact. 

Controlling outside electronic influences is a constant battle. However, according to Todd Duncan, motivational speaker and American author of the book “Time Traps”, controlling electronics in our lives is THE key to business and personal success. Every day exciting new electronics are created and more and more things are created to distract us from good personal open communication. Deciding each day to take control of electronics and make them our tools, then our masters is a thrilling adventure. A productive, beneficial, and worthy adventure.

My 2020 plan is to be intentional with how I use and master electronics and electronic communications. I am committed to being respectful of others’ time by recognizing that we are all in the same boat electronically. I may want an answer immediately, but I cannot expect one, that is not a fair demand on someone with a full plate. (That’s everyone I know).

Speaking of open communication, it is nearing the time to put in your nominations for CSTC officers and Directors. Please watch for CSTC official emails calling for nominations and respond timely. Please be sure to nominate yourself to help out any way you can.

Thank you for being tax professionals and helping your clients and fellow tax professionals. Let’s make 2020 a wonderful year for CSTC. Bring your friends, associates, and families to CSTC. Let them see what a fantastic network of professionals we have and encourage them to join us in our quest to “improve the tax industry one professional at a time”.

Your friend and President,
Gary Quackenbush

2020 Summer Symposium Registration is OPEN!

Diversity best describes both the subject matter and tax professionals who will be attending the 2020 CSTC Summer Symposium. Offering 72 hours of continuing education over a three-day schedule, the agenda is packed with topics including representation, QBI, business entities, AB-5, trusts, California tax, SECURE Act, practice management and more. Industry-leading presenters will include representatives from the IRS and FTB. You will also have access to exhibitors who will share products and services to propel your practice to the next level.

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 Summer Symposium should be a must-attend for 2020. 

We look forward to helping your career when we see you at the 2020 CSTC Summer Symposium.

Click here to learn more!

 

Sunday, June 7, 2020
3:00pm Registration Opens; Exhibitor Set-up
5:20pm-6pm Welcome Reception for First Time Attendees
6:00pm-9:00pm Welcome Dinner
This event is family-friendly.
(Included with full registration. Guest registration is $40)
 

Monday, June 8, 2020
6:30am-5pm Registration and Exhibits
7:30am-9:00am Session 1: IRS Keynote Presentation and Breakfast
Speaker TBA
9:15am-10:05am Breakout Sessions (all sessions will continue after the break):
  Session 2: 199A - Maximizing QBI
Jane Ryder, EA, CPA
  Session 3: IRS Installment Agreements: A to Z
Veronica Marelli, EA
  Session 4: IRS Audit & Appeals Representation – Problem Issues of Schedule C
Anthony D. Bustos, EA
  Session 5: Dear Younger Me: Basics for the Newbie's
Claudia Stanley, CPA, EA
10:05am-10:20am   Break with Exhibitors
10:20am-12:00pm Breakout Sessions (continued from before the break):
  Session 2 Continued: 199A - Maximizing QBI
Jane Ryder, EA, CPA
  Session 3 Continued: IRS Installment Agreements: A to Z
Veronica Marelli, EA
  Session 4 Continued: IRS Audit & Appeals Representation – Problem Issues of Schedule C
Anthony D. Bustos, EA
  Session 5 Continued: Dear Younger Me - (Series - Sch A, Sch C, Sch E)
Claudia Stanley, CPA, EA
12:00pm-1:20pm Annual Business Meeting Luncheon
(Included with full registration)
1:20pm-3:00pm  Breakout Sessions:
  Session 6: California Update - What's new for 2020 and what did you miss for 2019 (course repeated on Tuesday)
Karen Joyner, EA
  Session 7: Community Property State Tax Issues
Susan Tinel, EA
  Session 8: Form 1041:  A roadmap to preparing the fiduciary return
Monica Haven, EA, JD, LLM
  Session 9: Understanding Criminal Tax Prosecution
Michael Blue, Attorney at Law
3:00pm-3:20pm Break with Exhibitors
3:20pm-5:00pm Session 10: Love and Marriage
Eva Rosenberg, EA, MBA
  Session 11: Audit Reconsideration
LG Brooks, EA, CTRS
  Session 12: Employees After Dynamex, AB-5, and Beyond!
Frank Acuña, Attorney at Law
  Session 13: Secure Act – Part of the Further Consolidated Appropriations Act, 2020
Karen Joyner, EA
5:00pm-6:00pm Reception with Exhibitors
6:00pm Evening on Own
 

Tuesday, June 9, 2020
6:30am-5pm  Registration and Exhibits
7:30am-9:00am Session 14: California Keynote Presentation and Breakfast
Speaker TBA
9:00am-9:15am Break
9:15am-10:05am   Breakout Sessions (all sessions will continue after the break):
  Session 15: Appealing Decisions - Audit, OIC, Tax Court, Bankruptcy Court, Federal District Court
Gary Quackenbush, Esq
  Session 16: Business Entity Balance Sheets & Basis
Jane Ryder, EA, CPA
  Session 17: LLC Classifications & Elections
Susan Tinel, EA
  Session 18: Discovering the Life Cycle of a Non-profit Organization
David Eastis, CRTP
10:05am-10:20am Break with Exhibitors
10:20am-12:00pm Breakout Sessions (continued from before the break):
  Session 15 Continued: Appealing Decisions - Audit, OIC, Tax Court, Bankruptcy Court, Federal District Court
Gary Quackenbush, Esq
  Session 16 Continued: Business Entity Balance Sheets & Basis
Jane Ryder, EA, CPA
  Session 17 Continued: LLC Classifications & Elections
Susan Tinel, EA
  Session 18 Continued: Discovering the Life Cycle of a Non-profit Organization
David Easts, CRTP
12:00pm-1:20 pm Lunch on own
1:20pm-3:00 pm Breakout Sessions:
  Session 19: Dealing with Intellectual Property After TCJA
Curt Harrington, Attorney at Law, EA
  Session 20: S Corporation Taxation Issues
Cliff Leiker, CPA
  Session 21: California Update - What's new for 2020 and what did you miss for 2019 (REPEAT FROM MONDAY)
Karen Joyner, EA
  Session 22: Collection Due Process Tax Matters
LG Brooks, EA, CTRS
3:00pm-3:20pm Break with Exhibitors
3:20pm-5:00pm Session 23: What to Do With an A/B Trust That No Longer Makes Sense
Frank Acuña, Attorney at Law
  Session 24: Shannon's Hall of Tax Curiosities - Curiouser and Curiouser
Shannon Hall, EA
  Session 25: The Tax Consequences of Choice:  Options, Futures, Rights & Warrants
Monica Haven, EA, JD, LLM
  Session 26: Rethink What you Know about Tax, Wealth & Business Exit Planning
Edward Cotney, Certified Exit Planner, Certified Philanthropic Developer, Family Wealth Counselor
 

Wednesday, June 10, 2020
6:30am-5pm Registration and Exhibits
7:30am-9:00am  Session 27: Breakfast Presentation - Reading Between the Lines - How to Identify What Your Client Hasn't Told You
Eva Rosenberg, EA, MBA
Class to continue after the break
9:00am-9:15am  Break
9:15am-10:05am Session 27 Continued: Breakfast Presentation - Reading Between the Lines - How to Identify What Your Client Hasn't Told You
Eva Rosenberg, EA, MBA
10:05am-10:20am Break with Exhibitors
10:20am-12:00pm Breakout Sessions:
  Session 28: IRA Fundamentals, IRA Trusts, and the Secure Act
Frank Acuña, Attorney at Law
  Session 29: Filing the Non-Filer
Veronica Marelli, EA
  Session 30: Interest Income, Expense & Deductions for Individuals, Investment and Businesses
Jane Ryder, EA, CPA
  Session 31: IRS Notices - Recognition & Response
LG Brooks, EA, CTRS
12:00pm-1:20pm Lunch on Own
1:20pm-3:00pm Session 32: Stump the Tax Experts
3:00pm-3:20pm Break
3:20pm-5:00pm Session 33: Tax Professional Issues - ETHICS
Gary Quackenbush, Esq
5:15pm Grand Prize Drawing


Become a Sponsor at the 2020 Summer Symposium

CSTC’S premier educational event is the Summer Symposium. The Symposium offers three days of tax educational programming and networking opportunities for tax professionals. The Symposium is known for industry-leading speakers, influential governmental representatives, and a diverse audience that includes preparers from outside of California. Those in attendance will include CTEC preparers, Enrolled Agents, CPAs, and attorneys. The 2020 Summer Symposium will be held June 7-10, at The Silver Legacy Hotel in Reno, Nevada.

The Symposium, and the marketing efforts leading up to the Symposium, are all great opportunities to expose your brand and its product offerings to tax professionals. This can be made possible by becoming an exhibitor or sponsor to the 2020 Symposium. Please read on to learn how.

As an exhibitor and or sponsor, CSTC will expose your company to the list of PTIN holders in California and neighboring states to an audience approaching 56,000 tax professionals. We offer this exposure during CSTC sponsored educational events as well as year-round exposure through our website, cstcsociety.org, our monthly e-newsletter “The Reporter”, and through email advertising promoting the Symposium.

 

March 2020 Chapter Events

March 1, 2020
Topic: Round Table Discussion
San Gabriel Valley Chapter Round Table
2 Federal Tax Law Hours

Topic: Ethics OR Round Table Discussion
Central Valley Chapter Meeting
1 California Hour
2 Ethics Hours
3 Federal Tax Law Hours

March 3, 2020
Topic: NCSD Breakfast Meeting
North County San Diego Chapter Meeting
1 California Hour

Topic: NCSD Round Table Luncheon
North County San Diego Chapter Meeting
1 Federal Tax Law Hour

March 5, 2020
Topic: Share and Solve Breakfast Meeting
Temecula Valley Chapter Meeting
1 Federal Update Hour

March 8, 2020
Topic: Round Tale Discussion - 2019 Tax return / Issues / Resolutions
Greater Long Beach Chapter Meeting
1 Federal Update Hour
1 California Hour
1 Federal Tax Law Hour

March 10, 2020
Topic: NCSD Breakfast Meeting
North County San Diego Chapter Meeting
1 California Hour

Topic: NCSD Round Table Luncheon
North County San Diego Chapter Meeting
1 Federal Tax Law Hour

March 12, 2020
Topic: Share and Solve Breakfast Meeting
Temecula Valley Chapter Meeting
1 Federal Update Hour

March 17, 2020
Topic: NCSD Breakfast Meeting
North County San Diego Chapter Meeting
1 California Hour

Topic: NCSD Round Table Luncheon
North County San Diego Chapter Meeting
1 Federal Tax Law Hour

March 19, 2020
Topic: Share and Solve Breakfast Meeting
Temecula Valley Chapter Meeting
1 Federal Update Hour

March 22, 2020
Topic: Round Tale Discussion - 2019 Tax return / Issues / Resolutions
Greater Long Beach Chapter Meeting
1 Federal Update Hour
1 California Hour
1 Federal Tax Law Hour

Topic: Tax Season Sunday Brunch
Orange County Chapter Meeting
1 Federal Tax Law Hour

March 24, 2020
Topic: NCSD Breakfast Meeting
North County San Diego Chapter Meeting
1 California Hour

Topic: NCSD Round Table Luncheon
North County San Diego Chapter Meeting
1 Federal Tax Law Hour

March 26, 2020
Topic: Share and Solve Breakfast Meeting
Temecula Valley Chapter Meeting
1 Federal Update Hour

March 31, 2020
Topic: NCSD Breakfast Meeting
North County San Diego Chapter Meeting
1 California Hour

Topic: NCSD Round Table Luncheon
North County San Diego Chapter Meeting
1 Federal Tax Law Hour

Click here to view the CSTC calendar.

Welcome New CSTC Members!

Please help us in joining our newest CSTC Members!

Barbara Ginsburg
San Francisco Bay Chapter

Maria Perez
San Francisco Bay Chapter

Ismat Sadruddin
San Francisco Bay 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 

Recent tax law changes have extended or changed many expiring tax law provisions, including:

  • Treatment of mortgage insurance premiums as qualified residence interest
  • Reduction in medical expense deduction floor
  • Deduction of qualified tuition and related expenses
  • Energy efficient homes credit
  • Employer credit for paid family and medical leave
  • Work opportunity credit
  • Special rule for determining earned income  
  • Repeal of maximum age for traditional IRA contributions
  • Increase in age for required beginning date for mandatory distributions
  • Expansion of section 529 plans

For a complete list of affected tax law provisions see the Joint Committee on Taxation List of Expiring Tax Provisions 2020.

2020 Tax Filing Season

The IRS is now accepting and processing federal tax returns for tax year 2019. The deadline to file a 2019 tax return and pay any tax owed is Wednesday, April 15, 2020.

The IRS strongly encourages people to file their tax returns electronically and choose direct deposit for faster refunds. Filing electronically reduces tax return errors as the tax software does the calculations, flags common errors and prompts taxpayers for missing information.

See IR-2020-20.

Avoid the rush — February is the busiest period for calls to the IRS’ call center. It is also the peak time for visits to IRS offices for face-to-face tax help. The IRS reminds taxpayers that  most answers to their tax questions can be quickly found on IRS.gov.
See the Avoid the rush page for the latest updates.

Free Tax Return Preparation/EITC

The Volunteer Income Tax Assistance (VITA) program offers free tax help to people who generally make $56,000 or less, persons with disabilities and limited English-speaking taxpayers who need assistance in preparing their own tax returns. In addition to VITA, the Tax Counseling for the Elderly (TCE) program offers free tax help for all taxpayers, particularly those who are 60 years of age and older, specializing in questions about pensions and retirement-related issues unique to seniors.

Many taxpayers that qualify for free tax return preparation may also qualify for the Earned Income Tax Credit.  Taxpayers earning $55,952 or less can see if they qualify using the EITC Assistant tool at IRS.gov/eitc available in English and Spanish,. The tool helps users determine if they are eligible and if they have a qualifying child or children, and it estimates the amount of the EITC they may get.

See the Free Tax Return Preparation for Qualifying Taxpayers page for more information.

See IR-2020-20.

Outreach Connection

Get free tax content to share  with your staff, clients, customers or colleagues that you can include in your:

  • Website
  • e-Newsletter
  • Twitter, Instagram or other social media

IRS Free File  

Most taxpayers can get an early start on their federal tax returns as IRS Free File – featuring brand-name online tax providers − opens today at IRS.gov/freefile for the 2020 tax filing season.

Taxpayers whose adjusted gross income was $69,000 or less in 2019 – covering most people – can do their taxes now, and the Free File provider will submit the return once the IRS officially opens the 2020 tax filing season on January 27 and starts processing tax returns.

See IR-2020-06.

Taxpayer First Act

On July 1, 2019, The Taxpayer First Act of 2019 was signed into law, which aims to broadly redesign the Internal Revenue Service. Generally, the legislation aims to expand and strengthen taxpayer rights and to reform the IRS into a more taxpayer friendly agency by requiring it to develop a comprehensive customer service strategy, modernize its technology and enhance its cyber security.

See the Taxpayer First Act page for the latest updates.

Tax Reform

The IRS is working on implementing the Tax Cuts and Jobs Act. This new law includes major tax legislation that will affect both individuals and businesses. Check the Tax Reform page for the latest updates.

Tax Withholding

The Tax Cuts and Jobs Act changed the way tax is calculated. The IRS encourages taxpayers to perform a quick “paycheck checkup” by using the Withholding Estimator to check if they have the right amount of withholding for their personal situation.

Consumer Alerts on Tax Scams

‪Note that the IRS will never:

  • Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, the IRS will first mail you a bill if you owe any taxes.
  • Threaten to immediately bring in local police or other law-enforcement groups to have you arrested for not paying.
  • Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
  • Ask for credit or debit card numbers over the phone.

For more information on tax scams, please see Tax Scams/Consumer Alerts. For more information on phishing scams, please see Suspicious emails and Identity Theft.

Is it Really the IRS Calling?

The IRS wants you to understand how and when we contact taxpayers and help you determine whether a contact you may have received is truly from an IRS employee.

The IRS initiates most contacts through regular mail delivered by the United States Postal Service.

However, there are special circumstances in which the IRS will call or come to a home or business, such as when a taxpayer has an overdue tax bill, to secure a delinquent tax return or a delinquent employment tax payment, or to tour a business as part of an audit or during criminal investigations.

See Avoid scams: Know the facts on how the IRS contacts taxpayers for more information.

Private Debt Collection

The IRS began a new private collection program of certain overdue federal tax debts selecting four contractors to implement it. The groups are: CBE Group of Cedar Falls, Iowa; Conserve of Fairport, N.Y.; Performant of Livermore, Calif.; and Pioneer of Horseheads, N.Y. The taxpayer’s account will only be assigned to one of these agencies, never to all four. No other private group is authorized to represent the IRS.

The IRS will always notify a taxpayer before transferring their account to a private collection agency (PCA). The IRS will send a letter to the taxpayer and their tax representative informing them that their account is being assigned to a PCA and giving the name and contact information for the PCA. This mailing will include a copy of Publication 4518, What You Can Expect When the IRS Assigns Your Account to a Private Collection Agency (PDF).

Foreign Account Tax Compliance Act (FATCA)

FATCA refers to the Foreign Account Tax Compliance Act that requires reporting on specified foreign accounts by U.S. taxpayers and foreign financial institutions. In general, federal law requires U.S. citizens to report worldwide income, including income from foreign trusts and foreign bank and securities accounts.

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]