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I typed in a comment, pointing out flush language in 163 that said opposite of what they were saying. 3 Although California does If you are a WordPress user with administrative privileges on this site, please enter your email address in the box below and click "Send". 145 0 obj <>stream The need for clarity in the federal oversight and tax treatment of digital assets is rapidly escalating. It seems to meet all of the requirements of the general welfare exclusion, which are that the payments must (1) be made from a governmental fund, (2) be for the promotion of general welfare (i.e., generally based on individual or family needs such as housing, education, and basic sustenance expenses), and (3) not represent compensation for services. If you are an owner in a qualified passthrough entity (S-corporation or Partnership) and incur a personal state tax liability in excess of $10,000 each year, then this bill may allow you to indirectly increase your annual state tax deduction on your personal income tax return, in excess of the $10,000 individual limitation, and as a result, The California pass-through entity tax ("CA PTET"), also known as the Small Business Relief Act, is effective for taxable years beginning on or after January 1, 2021 and will sunset on December 31, 2025 (or January 1 of the tax year after any repeal of Internal Revenue Code Section 164 (b) (6)). Live seminar locations are returning in December 2022 and January 2023. Depends if you can justify your client falling under the General Welfare Benefit rule. Spidell's Tax Season Tribune. Serving Tax Professionals For Over 40 Years. In this vein, the Federal Reserve increased the benchmark interest rate by 300 basis points to date in 2022. While in most cases you will only need a transcript, a copy may be needed for other reasons like filing an amended tax return. Level: Update. It doesnt seem right that we would tax our married couples or single parents but not all of the single individuals that received, be for the promotion of the general welfare (that is, based on need). One could add Form 8275 disclosure if nervous about penalties. %%EOF That too was an exclusion that had some gray areas but it never was an issue with the IRS because it made sense that it shouldnt be taxable. Spidell's Federal Taxletter Free CPE for CPAs, EAs, and CRTPs Caltax.com user guide Authors and Speakers News 2023-14: California will conform to October 16 deadline extension (March 2, 2023) California will conform to October 16 deadline extension (March 2, 2023) Option to receive text messages from the FTB (February 28, 2023) 296.021 And if it's not "income", what else is it? Option 1: Go ahead and submit your taxes with the information on file so your tax refund isn't delayed and then file an amended return once your IRS account shows the correct amount owed to you . This webinar is designed to meet the requirements for the specified number of hours of continuing education for the California Board of Accountancy. Check out our new and improved webinar experience. Generated by Wordfence at Sat, 4 Mar 2023 10:53:22 GMT.Your computer's time: document.write(new Date().toUTCString());. If you are not completely satisfied with this course in any way,we will provide you with a full refund, hassle-free. (HTTP response code 503). Register now to lock in your early bird price. FOLLOW SPIDELL. Example: "401(k)", 2023 Post-Tax Season Update and Review (Various Dates), Spidells Analysis & Explanation of California Taxes 2023 Edition (The Big Blue Answer Book), Spidell's Analysis & Explanation of California Taxes. For more information regarding administrative policies, such as complaints or refunds, contact Spidell Publishing at (800) 277-2257. hSmk0+>Y %Xf6Z"cNt]91aGpD$1K@G$#ogWW6cANT!e6\42*m4 HabQF{//uI,&L+bD5]62enw5.tH`g&,D>w(6x>?ool7b;]58&@9CbSn}k_LK_|oc>=H_ _U.8Cf_ 6Fn/Z1B w,&LSVWf&]g,0mq8on]T DU2YYxS=EO7 E(TOz[YoOz%Ylt$]P-".5 Two easy ways to order: (HTTP response code 503). What about all the people that received less than $600? Our history of serving the public interest stretches back to 1887. %PDF-1.7 % For more information regarding administrative policies such as complaints or refunds, contact Spidell Publishing at 800-277-2257. Register now for Spidells Federal and California Tax Update webinar and receive Spidells Tax Planning Client Letter and Checklist and Tips to Prepare Yourself and Your Office for Tax Season, so you can help your clients and get an early start on work that will go into next year. If you think you have been blocked in error, contact the owner of this site for assistance. Finally, the CHIPS-plus Act includes over $52 billion for semiconductor facilities plus a 25% tax credit for semiconductor manufacturing. Serving Tax Professionals For Over 40 Years. hb```o,@(q@aIKB!|q5GGCTH1?Xg OLALLL:LRL I assume when it's received. Freer, EA, Thank you for attending and presenting your issues at the December 2021 Taxpayers' Bill of Rights Hearing. 122 0 obj <> endobj Many of us did the same for the 1099s people received for being paid for tearing out their yards and putting in drought resistant landscaping. If you want to settle. In this event, we expect extremely modest tax legislation, if any, before 2025. Available within 10 business days of course completion date. With this in mind, look for potential legislation to include a continuation of fully expensing R&D expenses with certain retirement provisions of the Setting Every Community Up for Retirement Enhancement (SECURE) Act rolled in. Serving Tax Professionals For Over 40 Years. See Rev. Given the competing priorities of the IRS and Treasury, particularly considering the extent of guidance needed to implement the recently passed IRA, it remains to be seen whether any of this pending guidance will be issued in the near future. The MCTR payments may be considered federal income. to low-income and middle-income Californians in order to provide financial relief for economic disruptions resulting from the COVID-19 emergency, such as the financial burdens of inflation and increasing costs for gas, groceries, and other necessities. You can get copies of tax returns from the past 7 years. FRANCHISE TAX BOARD. Speakers and additional topics to be announced. ' Did you know that failing to report all of your income or overstating your I always learn something new and reinforce things that I already knew. It either needs to be taxable to all and issue a 1099-G so that the $600 limit doesnt apply or it should just be tax free like all of the other stimulus payments. Obviously thats the case. (a) Gross income does not include any payments received by an individual pursuant to Section 8161 of the Welfare and Institutions Code. Calling the IRS at 1-800-829-1040 (Wait times to speak to a representative may be long.) hbbd```b``:"oHH5d&WC`u`0{ I 6'..X 06$ Provide the name of your business and other verification details like address and phone number to the support executive. Dive into initial marital tax matters such as living together, property rights, premarital agreements, filing status, exemptions, and dependents. See Rev. 2022-23-federal-and-california-tax-update-ss. shall not be a refund or overpayment of income taxes. Baker Tilly US, LLP, trading as Baker Tilly, is a member of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. Things could get more interesting if Democrats attempt to continue the expanded child tax credit. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. SECURE 2.0 Act provisions going into effect in 2023. At any rate, the opinions of tax professionals (including mine) do not constitute substantial authority that may be relied upon for purposes of the accuracy- related penalty .18, whether there is a more-likely-than-not, substantial-authority, or reasonable basis for his conclusion. We California tax professionals are lucky to have them in our corner. Register today, send this client letter, and reach out to your clients who might benefit. The State Boards of Accountancy have final authority on the acceptance of individual courses for CPE credit. SECURE 2.0 allows for 529 plan rollovers to Roth accounts. To search for references to specific bill numbers, code sections, or regulations, enclose the numbers in quotation marks for exact search. 02.01. Online self-study is $89 when purchased separately. 85-39, 1985-1 C.B. 139. Recent articles address important issues: IRS is not taxing Middle Class Tax Refunds (March 2023) ERC refunds are not taxable income for California (March 2023) endstream endobj startxref (HTTP response code 503). Our history of serving the public interest stretches back to 1887. I don't think "income" is defined in Code or Regs., but maybe in cases, etc. Where would it go in a financual statement on GAAP? It seems to meet all of the requirements of the general welfare exclusion. It's box 3 other income. Field of Study: Taxes. 3. Solar tax incentives expanded under IRA 22. Box 2890, Sacramento, CA 95812-2890, or by phone at 877-850-2832, or on the internet at www.CTEC.org. Wordfence is a security plugin installed on over 4 million WordPress sites. This course is designed to meet the requirements for 8 hours of continuing education for CPAs; 6 hours of Federal Update for EAs*; 6 hours of Federal Update and 2 CA for CRTPs; and 6.75 hours of General MCLE credit for attorneys. That's fine, but one source is more authoritative than the other, and they should alert the class that the instructions are not consistent with the IRC and there might be some thought that needs to be given to the issue. Why wouldnt CA issue a 1099-G instead of a 1099-Misc? Cpajournal.com. A place for taxation and accounting professionals to discuss their trade. 2022 Spidell Publishing, Inc. P.O. It should not be presumed that because a taxpayer did not get a 1099-MISC, their payment is not subject to federal tax. Joe Manchin (D-W.Va.) and Kyrsten Sinema (D-Ariz.). Do you have questions about the different versions of our 2022/23 Federal and California Tax Update courses? Ask or answer questions in our Spidell Publishing, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Be the first to review 2022/23 Federal and California Tax Update, 2023 Post-Tax Season Update and Review (Various Dates), Spidells Analysis & Explanation of California Taxes 2023 Edition (The Big Blue Answer Book), 2022/23 Bonus CPE: Federal Tax Review Self-Study, Regulatory Review: Practicing Within the Law, See which tax provisions are included in the new Inflation Reduction Act, Get updated on everything that happened during the year, See which provisions expired at the end of 2021 and what will expire at the end of 2022, See which changes are being considered under the SECURE Act 2, the Retirement Security and Savings Act, and the Rise and Shine Act, Get worksheets, charts, and client letters to explain changes and planning opportunities to help your clients take advantage of available tax breaks, Learn about new proposed RMD regulations, and make sure your clients are taking proper RMDs, Understand what ARPA benefits are no longer available in 2022, See why clients may be getting more premium tax credits. Individuals can refer to IRS Publication 525. in order to provide financial relief for economic disruptions resulting from the COVID-19 emergency. This course has been designed to meet the requirements of the IRS Return Preparer Office; including sections 10.6 and 10.9 of Department of Treasurys Circular No. 2023 Spidell Publishing, LLC All rights reserved. For several months, we have expected the IRS and Treasury to issue additional regulations on the business interest expense deduction, cryptocurrency reporting, deferred compensation and noncompensatory options. Message Board. Register for a live webinar or order the on-demand webinar instead. Your personal data will be used to support your experience throughout this website, to manage access to your account, and for other purposes described in our privacy policy. CA 95741-0157. But many of us think that they're wrong and that they haven't considered the general welfare exclusion. It excludes from income a qualified disaster relief payment. 139(b)(1) says that this is an amount paid to reimburse or pay reasonable and necessary personal, family, living, or funeral expenses incurred as a result of a qualified disaster. 139(c)(2) says that a federally-declared disaster is a qualified disaster.. Why is California issuing a 1099? While we have seen some federal tax legislation, the changes have been far more limited than many expected. We are the American Institute of CPAs, the world's largest member association representing the accounting profession. forums, across a wide range of topics. endstream endobj 128 0 obj <>stream Online version only. Additionally, the continuing tight labor market, worries over a possible recession and high inflation are dominating concerns. Guaranteed. The California Department of Revenue is responsible for publishing the latest California .