California Tax Update: Part 2
Author: Eva Rosenberg
| CPE Credit: |
2 hours for CPAs
2 hours California Tax for CTEC
2 hours Federal Tax Law Updates for EAs and OTRPs |
Join Eva Rosenberg, EA, as she walks through essential information for tax professionals preparing 2021 individual California tax returns. It will include comparisons to the IRS treatment of the California tax issues, in order to ensure that California preparers differentiate for the purposes of the California Form 540 Schedule CA.
Publication Date: January 2022
Designed For
California preparers needing to meet their CTEC qualifications for the year, as well as any tax practitioner or preparer needing to prepared California tax returns for 2021.
Topics Covered
- Introduction
- Summary of Legislation
- 2021 Legislation notes
- CA Conformity to Federal Acts
- CA AB5 and Prop 22
- Employee vs Freelancer
- Certain CA Tax Credits
- CA Conformity/Non-conformity
- CA resident vs non-resident
- CA Department of Tax and Fee — Sales Taxes
- CA Cannabis-related Issues
- IRS/CA Schedule C differences
- CA depreciation differences
- CalSavers Mandate
- IRS/CA Cancellation and Forgiveness of Debt or Taxes
- Tax-free exchanges — inside and outside California
- CA pensions after moving out of CA
- CA Estate and Gift issues
- CA Tax Credits and Incentives
- Exemption from $800
- Using the MyFTB online system
- CA Taxpayer Advocates
- CA Collections and OICs
Learning Objectives
- Recognize the specific and distinct California tax issues for California individual taxpayers, especially when California law does not conform to federal law
- Identify the Califonia law that provides tax-free grants to small businesses affected by COVID-19, effective January 1, 2020 through January 1, 2030
- Recognize the increased age that there is automatic conformity with the IRS and California regarding required minimum distributions
- Identify how many main factors are involved in the assessment of the definition of employees effective January 1, 2020
- Recognize the maximum investment income limit for the 2021 IRS Earned Income Tax Credit
- Describe what percentage deduction California allows for club memberships that discriminate
- Identify the form used to report gifts of $16,000 or more in 2022 to any individual
Level
Update
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
A basic understanding of California tax.
Advance Preparation
None
