hb```o,@(q@aIKB!|q5GGCTH1?Xg OLALLL:LRL Potential legislation notwithstanding, we also anticipate a multitude of regulatory guidance from the Treasury Department. forums, across a wide range of topics. ' Did you know that failing to report all of your income or overstating your You can also read the documentation to learn about Wordfence's blocking tools, or visit wordfence.com to learn more about Wordfence. On July 1, 2019, California's Governor signed Assembly Bill 91 (A.B. Analysis and Explanation of California Taxes. David Fogel, a previous, greatly missed, contributor to this board and considered by many to be a gifted interpreter of IRS scripture has weighed in on this and agrees that a stong agrumenet can be made for it to be considered non-taxable income. . For example, Rev. Spidell Publishing, LLC assumes no responsibility for its use. If you are a WordPress user with administrative privileges on this site, please enter your email address in the box below and click "Send". Our history of serving the public interest stretches back to 1887. Price: $259.00 $259.00 Today, you'll find our 431,000+ members in 130 countries and territories, representing many areas of practice, including business and industry, public practice, government, education and consulting. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments. Spidell, a CA tax research service, just issued a blast saying that it is taxable for fed, but they did not explain their reasoning. Our history of serving the public interest stretches back to 1887. Technical topics regarding tax preparation. Tribune: Court rules this town is, in fact, big enough for the both of us, Tribune: Police deal blow to drug smugglers delivery system, 2023-14: California will conform to October 16 deadline extension, 2023 Post-Tax Season Update and Review (Various Dates), Spidells Analysis & Explanation of California Taxes 2023 Edition (The Big Blue Answer Book), 2023 Post-Tax Season Update and Review Webinar, Your online subscription to the Analysis and Explanation of California Taxes 2023 Edition, Have a course to be completed? 296.021 For more information regarding administrative policies, such as complaints or refunds, contact Spidell Publishing at (800) 277-2257. Field of Study: Taxes. RtK=oeic[k_9BPSs0u~{NLxI(/Z^l|F|`,? sZ{V Key individual tax elements expiring in 2025 include the top tax rate for individual taxpayers reverting to 39.6% from 37%, an end to the 20% section 199A qualified business income deduction, removing the $10,000 cap on the state and local tax (SALT) deduction and reinstating the personal and dependent exemption deductions. The credit allowed people who didn't get their first or second. House Republicans have offered a broadly stated policy proposal if they control the House in January. Serving Tax Professionals For Over 40 Years. 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. Spidell's California Taxletter is a monthly newsletter plus a searchable online archive of back issues that keeps you ahead of California tax changes so they don't take you by surprise. If Democrats maintain control of the House and increase their majority in the Senate, they may pursue remaining policies from the original Build Back Better bill. 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. I think way too many tax preparers treat anything that they write as authoritative, and it most certainly is not. 111 wouldn't apply. Absent a definition, it's what the word commonly means. Add the 2022/23 Federal and California Tax Update Self-Study to your cart. If you want your tax audit to be considered for settlement, visit FTB Notice 2020-03. Finally, the CHIPS-plus Act includes over $52 billion for semiconductor facilities plus a 25% tax credit for semiconductor manufacturing. Why wouldnt CA issue a 1099-G instead of a 1099-Misc? 2023 Spidell Publishing, LLC All rights reserved. Anaheim, CA 29803-6144. )Rj]{V;G$:J`#4{Pg?%84ZhuCpTAr4,ch1$:H7soulu?FTAQ$22W78ie7+j~{~N>xuwh/}TNwf{X}o~O9S;r]7GQP0}TVGJTu.| e Delivery method: Self-Study. 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 Generated by Wordfence at Sat, 4 Mar 2023 10:53:09 GMT.Your computer's time: document.write(new Date().toUTCString());. I typed in a comment, pointing out flush language in 163 that said opposite of what they were saying. Specific partnership areas we are watching include disguised sale rules, related parties, a host of basis and capital account guidelines and the fractions rule. Do you have questions about the different versions of our 2022/23 Federal and California Tax Update courses? Serving Tax Professionals For Over 40 Years. If you think you have been blocked in error, contact the owner of this site for assistance. SACRAMENTO. Level: Update. 2023 Post-Tax Season Update and Review (Various Dates) 2023 Summer Tax (Various Dates) Spidell's Quarterly Tax Update Spidell's Quarterly Federal Tax Update; Live Upcoming Webinars; On-Demand Webinars; Federal Tax Education and Updates; Self-Study . One notable exception to our expectation of a stalemate in a split Congress is the possibility of a bipartisan bill addressing the regulation and taxation of digital assets. If you are a WordPress user with administrative privileges on this site, please enter your email address in the box below and click "Send". Solar tax incentives expanded under IRA 22. ' Did you know that failing to report all of your income or overstating your So give us a minute, and we'll give you news you can use. So for the CA taxpayers who filed and paid CA tax, or who filed and paid no CA tax but used the standard deduction, would they not get to use 111's exclusion for the new tax "refund". 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. Access from your area has been temporarily limited for security reasons. Provide the name of your business and other verification details like address and phone number to the support executive. Level: Update. The USPTO has given the SPIDELL'S FEDERAL TAXLETTER trademark a serial number of 86429670. S Corporations and entities taxed as partnerships are "pass-throughs" for federal income tax purposes. CFPs do not receive credit for the on-demand webinar or self-study versions of this course. Think about how many countless hours of IRS staff and tax preparer energy would be saved if this was just resolved one way or another. Unlike a tax transcript, a copy of a tax return is an exact replica of your tax return and all the attached forms you submitted. 3 Although California does The need for clarity in the federal oversight and tax treatment of digital assets is rapidly escalating. Obviously thats the case. Why is California issuing a 1099? What about all the people that received less than $600? 91 selectively conforms California's tax laws to certain changes made under the Tax Cuts and Jobs Act of 2017 (TCJA). IRS issues guidance on new Clean Vehicle Credit. I really don't understand why someone high up at the FTB cannot reach out to the IRS and get a definitive ruling on this. 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 will then receive an email that helps you regain access. Both of these enjoy strong support on both sides of the aisle. Atomized Theory, Inc.All rights reserved. We California tax professionals are lucky to have them in our corner. 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). Depends if you can justify your client falling under the General Welfare Benefit rule. Speakers and additional topics to be announced. Lemme know what you think on that. It seems to meet all of the requirements of the general welfare exclusion. 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) 3. Welcome to Spidells Federal Tax Minute, a weekly podcast that focuses on federal tax news snippets to keep you up-to-date on the issues that affect your clients and your practice, in an audio format that you can access at your office or on your phone. I included a couple of items about this in my organizer. 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. SECURE 2.0 Act provisions going into effect in 2023. Wordfence is a security plugin installed on over 4 million WordPress sites. 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. I explained that the law is unclear, that professionals do not agree, that there is a general welfare exception that seems to apply that supports not taxing the $$, that we can take a position but if the IRS provides clarity later, they will receive an assessment. You will then receive an email that helps you regain access. The federal status of this trademark filing is REGISTERED AND RENEWED as of Thursday, October 30, 2014. I think that another argument could be made for exclusion. 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. My client just sent me a copy of the 1099-Misc. the Wilsons to amend their 1997 and 1998 tax returns so as to properly report the offshore trust income. TOLL FREE: (800) 277-2257. That way all of our clients would receive a tax form that we as the preparer can rely on for accuracy. While in most cases you will only need a transcript, a copy may be needed for other reasons like filing an amended tax return. Spidell's Federal Tax Minute Spidell It either needs to be taxable to all and issue a 1099-G so that the $600 limit doesnt apply or it should just be tax free like all of the other stimulus payments. It's box 3 other income. 17, holds that grants made under the Disaster Relief Act of 1974 to help individuals or families affected by a disaster meet extraordinary disaster-related necessary expenses or serious needs in the categories of medical, dental, housing, personal property, transportation, or funeral expenses (and not in the categories of nonessential, decorative, or luxury items) are excluded from gross income under the general welfare exclusion. Proc. Get the answers to all your California tax questions. I have no clients west of the Appalachians so this doesnt concern me, but I have to ask. This week were covering a few of the SECURE 2.0 Act provisions that go into effect in 2023. As we head toward a post-election lame-duck congressional session, tax legislation may resurface that targets retirement plans, digital assets and the so-called tax extenders that either expired at the end of last year or will expire at the end of 2022. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. Then I ask what tax position they want to take. Spidells remains the best professional education program in the state. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. Not surprisingly, the bills piled up, and the Wilson's marriage broke down. HT]o@|W]>R)|T-%"*!RR|o8[*r^g;kIe7S'*8n:]kS2dq8SOZQac.DS4C\m2ppE@w@*JHC((XR]+F`D(GT.Z#pQ 3h.EVzT~>~uP/MM-,AZ28_$g6EH8] ZBu19_|8p8cBD+}k"ifr9Gmf*KC&Os? 2022 year-end tax letter Oct 26, 2022 It has been a challenging year both economically speaking and in terms of tax planning. 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.. CRA7E); the California State Board of Accountancy; the California Bar Association; the Certiifed Financial Planner Board of Standards; and the California Tax Education Council. Planning and strategy for your most valuable clients Spidell's Federal Taxletter is a monthly newsletter plus a searchable online archive of back issues that keeps you at the leading edge of the issues that will impact your clients, from healthcare to trusts and from LLCs to virtual currencies. The USPTO has given the SPIDELL'S CALIFORNIA TAXLETTER trademark a serial number of 78390234. Access from your area has been temporarily limited for security reasons. It has been a challenging year both economically speaking and in terms of tax planning. hbbd```b``:"oHH5d&WC`u`0{ I 6'..X 06$ Governmental payments to help individuals and families meet disaster-related expenses are based on need. In specific circumstances, the services of a professional should be sought. With the Consolidated Appropriations Act, 2021, millions of small-business owners like you now qualify for the employee retention credit (ERC) thanks to three big changes: 1. You can get copies of tax returns from the past 7 years. This does not constitute an endorsement by these groups. Your access to this service has been limited. Looks like 19031 is in Chapter 4, not 6, and is about deficiency assessments. Spidell's Tax Season Tribune. I assume when it's received. Finally, long-term capital gains and qualified dividends would be taxed at 25%, up from the current 20%. You can now obtain the ERC and the Paycheck Protection Program loan, but not on the same wages. Please allow three business days to receive your client letter via e-mail. Today, you'll find our 431,000+ members in 130 countries and territories, representing many areas of practice, including business and industry, public practice, government, education and consulting. If you think you have been blocked in error, contact the owner of this site for assistance. We do not expect the end of 2022 to be any different. LL/V3Z 5'f& ^ G] 9 Attendees of the 2022/23 Federal Tax Update webinar and self-study are not eligible for continuing education credit for this course. Whether you owe taxes or you're expecting a refund, you can find out your tax return's status by: Using the IRS Where's My Refund tool. Get live tax updates and CPE from the #1 seminar company in California! Free with registration AB 150 client letter: Californias recently passed AB 150 allows owners of qualified S corporations, partnerships, or LLCs to greatly reduce their tax liability. Field of Study: Taxes. shall not be a refund or overpayment of income taxes. The California Department of Revenue is responsible for publishing the latest California . Following the midterm elections, any tax legislation is largely dependent upon the composition of the next Congress. The IRA contains a multitude of energy credits, an excise tax on stock repurchases and a new corporate alternative minimum tax (AMT). You should consult the IRS or your tax professional regarding the federal tax treatment of these payments. =)YyJ cl-letter1040: 1040 engagement letter This letter is provided for information purposes, only. 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. Take a look back on our 2021 year-end tax letter. We expect any legislation in the lame-duck session to be centered around items with bipartisan support. 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. The Infrastructure Investment and Jobs Act, a bipartisan bill passed in late 2021, made changes to reporting requirements for digital assets, including cryptocurrencies. *EAs will receive a 2-hour federal tax self-study to ensure up to 8 hours of CPE. Income Tax Brackets and Rates. This letter provides. SumwunLost wrote: What is the disaster that caused the payments to be made? the 1099-Misc is for reporting income - the payer has to make the call for issuing the 1099, not the payee. If you think you have been blocked in error, contact the owner of this site for assistance. All income or loss recognized by the entity is passed through to the owners and taxed directly on the income tax returns of the owners. If you are a WordPress user with administrative privileges on this site, please enter your email address in the box below and click "Send". To search for references to specific bill numbers, code sections, or regulations, enclose the numbers in quotation marks for exact search. The PHE has been in place since January 27, 2020, and renewed throughout the pandemic. 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. Spidell Publishing, Inc. has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual continuing education requirement imposed by the State of California for CTEC Registered Tax Preparers. Spidell's Federal Tax Minute Sep 29 2022 4 mins This week we're covering employer health insurance mandate letters that the IRS is sending to initiate assessing employer shared responsibility payments. Message Board. Course level: Update Special Research Data. Why does California think its income? And I was looking forward to a tax season without the need to reconcille stimulus payments! 2022 Spidell Publishing, Inc. P.O. While we have seen some federal tax legislation, the changes have been far more limited than many expected.
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