spidell federal tax letter

2022 year-end tax letter Oct 26, 2022 It has been a challenging year both economically speaking and in terms of tax planning. 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 . State Boards of Accountancy have the final authority on the acceptance of individual course for CPE credit. Proc. Still trying to figure out how we are going to deal with this. 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$]P-".5 Generated by Wordfence at Sat, 4 Mar 2023 10:53:22 GMT.Your computer's time: document.write(new Date().toUTCString());. Spidell Publishing, a private company that offers tax advice, is the one saying it's taxable for Federal purposes. ' Did you know that failing to report all of your income or overstating your Recent articles address important issues: IRS is not taxing Middle Class Tax Refunds (March 2023) ERC refunds are not taxable income for California (March 2023) 0 I included a couple of items about this in my organizer. Spidell Publishing, Inc. creates and distributes two monthly newsletters, the California Taxletter and the Federal Taxletter, which keep more than 5 1,302 people like this 1,514 people follow this 3 people checked in here http://www.caltax.com/ (800) 277-2257 facebook@spidell.com Closed now 8:00 AM - 5:00 PM Accountant Call us at (800) 277-2257 or order online! 2023 Spidell Publishing, LLC All rights reserved. H|Tn0+xvi A[+3[$nRlJ\r+6?,gu rG,1/~z/w/>8ao{H&Dr'T16nk?HW*?9e>7;+O> 9BqO6a`/9FfaY. 1 A.B. 2023 Spidell Publishing, LLC All rights reserved. Live seminar locations are returning in December 2022 and January 2023. 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. The credit allowed people who didn't get their first or second. Potential legislation notwithstanding, we also anticipate a multitude of regulatory guidance from the Treasury Department. Federal Tax Education and Updates; Webinars . 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. 3 Although California does 2023 Baker Tilly US, LLP, Individual Income Tax Planning & Compliance, the ever-changing world of digital asset taxation, Employee benefits and executive compensation update, Four takeaways from the first year of CPAR, The ever-changing world of digital asset taxation, Beneficial ownership reporting new FinCEN regulations, Research credit changes bring good news and bad news, Navigating through the world of state and local tax, U.S. international tax and transfer pricing update, Substantially lower filing threshold for Form 1099-K, Excess business loss limitation developments, The future of the excess business loss limitation, 2022 accounting method issues and developments, Inflation Reduction Act: energy provisions, Federal issues surrounding state pass-through entity tax regimes, Extension of research and development expensing and/or a refundable research credit, Refundable and/or enhanced child and dependent care tax credit, Credit for qualified fuel cell motor vehicles, Credit for construction of new energy-efficient homes, Increase in exclusion for employer-provided dependent care assistance, Extension of favorable formula used to compute business interest expense deduction under section 163(j), Charitable contribution deduction by non-itemizers. 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. I have no clients west of the Appalachians so this doesnt concern me, but I have to ask. %PDF-1.7 % This webinar is designed to meet the requirements for the specified number of hours of continuing education for the California Board of Accountancy. 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? Access SpidellCPE here. forums, across a wide range of topics. The owner of this site is using Wordfence to manage access to their site. The refund is not that large, and it quits at $500k AGI (CA). Register for a live webinar or order the on-demand webinar instead. This webinar is designed to meet the requirements for the specified number of hours of continuing education for the California Board of Accountancy. SACRAMENTO. Hoping for guidance. To view articles in Research, you must be logged in. Looking for emails or status updates from your e-filing website or software. The need for clarity in the federal oversight and tax treatment of digital assets is rapidly escalating. Filed in October 21 (2014), the SPIDELL'S FEDERAL TAXLETTER covers Downloadable electronic publications, namely, books and newsletters in the fields of taxes and financial matters; Downloadable electronic special reports and white papers in the fields of taxes and financial matters; Downloadable electronic educational materials, namely, course . It seems to meet all of the requirements of the general welfare exclusion. 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. endstream endobj 127 0 obj <>stream Message Board. m/8Ne F _r While in most cases you will only need a transcript, a copy may be needed for other reasons like filing an amended tax return. You can also read the documentation to learn about Wordfence's blocking tools, or visit wordfence.com to learn more about Wordfence. 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. Author: Arturo Ramudo, CPA, CISA (retired) Electronic version only This course is approved by the California Board of Accountancy and meets its regula Get a working knowledge of the types of compensation necessary to structure a compensation package minimizing tax liabilities and cost. 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. The California State Tax Tables for 2022 displayed on this page are provided in support of the 2022 US Tax Calculator and the dedicated 2022 California State Tax Calculator.We also provide State Tax Tables for each US State with supporting tax calculators and finance calculators tailored for each state.. 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. I always learn something new and reinforce things that I already knew. FOLLOW SPIDELL. So give us a minute, and we'll give you news you can use. 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. Depends if you can justify your client falling under the General Welfare Benefit rule. Looks like 19031 is in Chapter 4, not 6, and is about deficiency assessments. Box 60144. This not only raises business borrowing costs, but also the correlating interest expense tax deduction, which is more likely to be reduced due to the limitations enacted in the 2017 Tax Cuts and Jobs Act (TCJA). Technical topics regarding tax preparation. According to the TAS, the faulty letters were sent to taxpayers who claimed the Recovery Rebate Credit on their 2020 tax returns. Regardless as to which regulations are published first, taxpayers can expect more compliance and documentation requirements. Online self-study is $89 when purchased separately. 2022/23 Federal and California Tax Update Online Version $244 Print Version $259 Number of Registrants: Add to Cart Add to Wish List Categories: Self-Study, Taxation SECURE 2.0 allows for 529 plan rollovers to Roth accounts. For more information regarding administrative policies such as complaints or refunds, contact Spidell Publishing at 800-277-2257. Why does California think its income? The latest HHS extension for the PHE is effective through January 11, 2023. You can also read the documentation to learn about Wordfence's blocking tools, or visit wordfence.com to learn more about Wordfence. Nice article. Obviously thats the case. As always, we encourage you to contact your Baker Tilly advisor or visit bakertilly.com/contact to discuss how these issues impact your tax position. 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. Cpajournal.com. Spidell Publishing, LLC assumes no responsibility for its use. 2 These changes impact both California's Personal Income Tax Laws (PIT Laws) and Corporation Tax Laws (CT Laws). I wonder why Dave did not conclude as to whether there is a more-likely-than-not, substantial-authority, or reasonable basis for his conclusion, which, btw, is simply. Access from your area has been temporarily limited for security reasons. Finally, long-term capital gains and qualified dividends would be taxed at 25%, up from the current 20%. Both of these enjoy strong support on both sides of the aisle. Great analysis, and I especially like your starting point where you said that Spidell is not substantial authority. Atomized Theory, Inc.All rights reserved. Take a look at some frequently asked questions below. Ask or answer questions in our Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. Get live tax updates and CPE from the #1 seminar company in California! While we have seen some federal tax legislation, the changes have been far more limited than many expected. You can get copies of tax returns from the past 7 years. To search for references to specific bill numbers, code sections, or regulations, enclose the numbers in quotation marks for exact search. 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 . shall not be a refund or overpayment of income taxes. Welcome to Spidell's 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. My client just sent me a copy of the 1099-Misc. 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? 2. 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. Wordfence is a security plugin installed on over 4 million WordPress sites. We California tax professionals are lucky to have them in our corner. If you go far enough east of the Appalachians you end up in California. We will refund 100% of your webinar registration if you cancel by 12 noon PT, seven business days before the webinar. This letter provides. As such, 1099-MISC for MCTR payments of $600 or more will be issued. The MCTR payments may be considered federal income. While some may push for far-reaching provisions, being able to use reconciliation in the Senate and bypass the filibuster rules will still require the sign off of Sens. ' Did you know that failing to report all of your income or overstating your And I was looking forward to a tax season without the need to reconcille stimulus payments! Why is California issuing a 1099? hb```o,@(q@aIKB!|q5GGCTH1?Xg OLALLL:LRL You will then receive an email that helps you regain access. Spidell always provides the greatest coverage of tax law changes and how to prepare your practice to incorporate them. 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. This week were covering some of the basics of incentive stock options and how and when to recognize income. I was once watching a webcast and they made a firm statement about limitations on the deduction of interest expense on real estate held for investment. Following the midterm elections, any tax legislation is largely dependent upon the composition of the next Congress. 230 (Provider No. TOLL FREE: (800) 277-2257. 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. 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. Add the 2022/23 Federal and California Tax Update Self-Study to your cart. About Us; Contact us; If you think you have been blocked in error, contact the owner of this site for assistance. This week were covering one of the provisions of the new SECURE 2.0 Act, which deals with 529 plan rollovers to Roth accounts. 3. Freer, EA, Thank you for attending and presenting your issues at the December 2021 Taxpayers' Bill of Rights Hearing. 145 0 obj <>stream (HTTP response code 503). If you are a WordPress user with administrative privileges on this site, please enter your email address in the box below and click "Send". I assume clients will receive a 1099 but it may not be taxable until 2023. Sec. I think that another argument could be made for exclusion. One could add Form 8275 disclosure if nervous about penalties. If you want to settle. CPE courses for CPAs, EAs, CRTPs, and Attorneys. endstream endobj 128 0 obj <>stream Its rare, but even sometimes common sense will prevail with the IRS. *Please allow 2 business days for e-mail delivery of your Tax Planning Client Letter and Checklist and Tips to Prepare Yourself and Your Office for Tax Season. Your access to this service has been limited. 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. 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. As the Taxpayer Advocate, your concerns are important to me. To date, 2022 has seen limited federal tax legislation in the Inflation Reduction Act (IRA) and United States Innovation and Competition Act of 2021 (USICA aka CHIPS-plus Act). https://www.irs.gov/pub/irs-drop/rp-14-35.pdf, https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202120220AB192, https://www.caltax.com/news/podcast/pod x-refunds/, https://www.sfchronicle.com/california/ 625427.php, https://www.irs.gov/pub/irs-drop/n-02-76.pdf, https://www.ftb.ca.gov/about-ftb/newsroom/middle-class-tax-refund/help.html, https://www.irs.gov/pub/irs-drop/n-20-18.pdf, https://www.kcra.com/article/california s/42562278, https://img1.wsimg.com/blobby/go/310b78 4313102340. You can also read the documentation to learn about Wordfence's blocking tools, or visit wordfence.com to learn more about Wordfence. Built in New York, USA. We all know that as it stands now, our clients that received less than $600 are not going to include that income, so why should the $600 and up people do it also. This does not constitute an endorsement by these groups. Individuals can refer to IRS Publication 525. in order to provide financial relief for economic disruptions resulting from the COVID-19 emergency. We expect any legislation in the lame-duck session to be centered around items with bipartisan support. With this in mind, look for potential legislation to include a continuation of fully expensing R&D expenses with certain retirement provisions of the Setting Every Community Up for Retirement Enhancement (SECURE) Act rolled in. Sinemas reluctance to raising tax rates or rolling back certain TCJA provisions coupled with Manchins concern that expanding social programming will further overheat an economy struggling with inflation derailed last years larger Build Back Better proposals. So give us a minute, and we'll give you news you can use. In my opinion, a good argument could be made that the payment under the Act is excludable from gross income based on the general welfare exclusion. If you think you have been blocked in error, contact the owner of this site for assistance. S Corporations and entities taxed as partnerships are "pass-throughs" for federal income tax purposes. Check out our new and improved webinar experience. Serving Tax Professionals For Over 40 Years. The federal status of this trademark filing is REGISTERED as of Tuesday, August 23, 2016. Dear [CLIENT NAME]: In the absence of a disaster, however, governmental payments made without regard to financial status, health, educational background, or employment status are not based on need and, thus, do not qualify under the general welfare exclusion. It's not a tax refund, so sec. J[F83e2qX`d/RhZ d${H4JeAx@",,CT'RS I think way too many tax preparers treat anything that they write as authoritative, and it most certainly is not. Special Research Data. Listen now!. 02.01. While the IRA is less expansive than the initial Build Back Better proposals, it does add numerous complexities to tax law requiring new guidance from the Treasury Department. 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. 85-39, 1985-1 C.B. [1] The top marginal income tax rate of 39.6 percent will hit taxpayers with an adjusted gross income of $406,751 and higher for single filers and $457,601 and higher for married filers. Message Board. Generated by Wordfence at Sat, 4 Mar 2023 10:53:06 GMT.Your computer's time: document.write(new Date().toUTCString());. The penalty for filing late is 5% of the taxes you owe per month for the first five months - up to 25% of your tax bill. Furthermore, we are awaiting a number of regulations dealing with partnerships taxation. 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)). 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. This week were covering a Notice and some FAQs the IRS released regarding the new Clean Vehicle Credit. 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. 16; and Rev. I don't think "income" is defined in Code or Regs., but maybe in cases, etc. This week were covering the advantages and disadvantages of the married filing separate filing status. 21. Get the most practical tax CPE without leaving your office. A challenging economy, ever-changing tax rules and rising interest rates make tax and business planning more critical than ever. You can also read the documentation to learn about Wordfence's blocking tools, or visit wordfence.com to learn more about Wordfence. What about all the people that received less than $600? A listing of additional requirements to renew tax preparer registration may be obtained by contacting CTEC at P.O. In this event, we expect extremely modest tax legislation, if any, before 2025. 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. IRS issues guidance on new Clean Vehicle Credit.