Federal and California Tax Update for Individuals Webcast | 4201498A

Date :
November 5, 2020 8:00 AM - 3:30 PM
Location :
Virtual Learning+
Facility :
TBD
Level of Difficulty :
Update
Member Price :
289.00
Nonmember Price :
389.00
CPE Credits :
CPE 8.00, MCLE 6.50, IRS-FTL 8.00, CFP 8.00, CTEC-FTL 8.00, MCLE LS-TX 6.50
Show tabs
LearningPlus+

This in-depth analysis of the year's important changes in Federal and California tax law explains new legislation and IRS and FTB guidance. Key developments from the IRS, FTB and courts are covered, along with compliance and planning lessons learned from these rulings. Due diligence considerations relevant to all new law is addressed to prepare for tax season. A tax outlook post-election is also included.

Course materials summarize important developments. The eBook provides links to the full text of source documents discussed during the program. Materials include a table of all guidance issued under the TCJA, with links to Federal regulations and rulings.

Note: This is the companion course to Federal and California Tax Update for Businesses and Estates.

Objectives:

  • Identify new federal and California tax legislation affecting individuals.
  • Describe the year's significant federal and California law change from the legislature, IRS, FTB and the courts.
  • Identify new due diligence areas relevant to individual income tax matters.
  • Learn how new tax rules affect tax planning and compliance.

Major Subjects:

  • 2020 legislation from Congress and California, including COVID-19 law changes
  • Income inclusions, exclusions and deductions, including Section 199A developments.
  • Property transaction updates including for virtual currency.
  • Passive activities, hobby and other losses
  • California major developments for individuals
  • Filing status, credits and retirement plan developments
  • Expiring provisions.
  • Tax practice and procedures presented by the Hockham Salkin Toscher Perez law firm
  • Due diligence reminders
  • Post-election tax outlook federal and California

Advanced Prep:

 

None.

 

Misc. Information:

Wireless Internet access, lunch and discounted parking will be provided for this event and are included in your registration fee.

Save with Discount Programs

Join or Renew Today
Level of Difficulty:
Update
Field of Interest:
Taxes
Prerequisites:
 

General knowledge in taxation.

 
Designed For:
 

CPAs, attorneys and tax practitioners.

 

Instructors

Cameron Lenard Hess, CPA, Esq.

Cameron L. Hess, CPA, Esq. is a partner with Wagner Kirkman Blaine Klomparens & Youmans LLP and practices in the transaction department in the areas of taxation and business law. A CPA, formerly practicing with the international accounting firm of KPMG, Hess’ practice includes entity formation (limited liability companies, family limited partnerships, nonprofit organizations and other) and state and local tax controversies (sales tax, franchise tax and property tax). Hess has over 25 years of experience in representing a diversity of industries and closely held businesses in real estate, construction, manufacturing and services. In real estate law, Hess handles negotiations and contracting for real estate acquisitions, financing, development and syndication, including community association development and loan opinions. His clients include both investment groups and builders/developers in commercial, multifamily and residential developments. Hess has handled among the largest Sacramento area real estate home builder/developer acquisitions. He has chaired the CalCPA Sacramento Chapter’s Real Estate Committee for 25 years, and its annual real estate conference for 14 years. Hess is a past chair for the Cal CPA Education Foundation’s Real Estate Conference and continues on the TAXI Conference as a planning committee member.

In business law, Hess represents closely held business owners with business transactions, including contracts, acquisitions, financing and sales. He has served has counsel for Sacramento area manufacturers, fabricators, medical, accountants/financial, including formation, mergers, sales and succession planning. His practice emphasizes the use of pass-through entities, including partnerships, limited liability partnerships and limited liability companies. In nonprofit law/planned giving, Hess represents nonprofit entities with respect to nonprofit formation, administration and fund raising. He advises local and statewide nonprofits in formation, board management, affiliation, planned giving and unrelated business income tax, and planned giving. Hess has lectured extensively, including before the Nonprofit Resource Center and the CalCPA Nonprofit Committee. In federal and state taxation law, Hess handles federal and state tax controversy representation, including audits, appeals and Tax Court representation. His representation has included manufacturers, real estate, general businesses (reasonable compensation, character of gain, debt relief income, independent contractor), and individuals. His complex tax cases have included reconstruction of foreign business records, Section 1031 multi-property exchanges, and janitorial, and examples of tax controversies include employment, unitary/combined reporting issues, real and personal properties tax appeals, sales taxes and local business taxes. Hess has been successful in obtaining significant property tax reductions on a number of major properties. While with KPMG in Los Angeles, Hess was a manager and participated in the start-up of its state and local tax practice. In estate planning law, Hess represents high net worth individuals with estate planning, focusing on succession planning, irrevocable trusts (life insurance, charitable, granter retained annuity/unitrusts), and family limited partnerships/LLCs. He earned his bachelor’s degree in business administration (accounting) from the University of California, Berkeley in 1980 and his juris doctor and master of business taxation degrees from the University of Southern California in 1983.

Hess has written/presented over 200 articles over the past 30 years, including before local, state and national conferences and webinars. His publications include Spidell’s California Taxletter (past columnist, contributing writer), CCH Taxes (1984), The Tax Executive (1986), The California Constructor (1991), SVAA Rental Property Management, and Los Angeles Lawyer. He has served as an instructor at Cosumnes River College (adjunct, intermediate taxation); U.C. Davis’ CFP Program (adjunct instructor, taxation, 1998-2004); State Bar of California; CalCPA Education Foundation; Strafford Seminars; CSEA; ISTC; SCA; Lorman Education Services; National Business Institute; Nonprofit Resource Center (Sacramento); and the Strafford Group. His admissions to practice include the State Bar of California, 1984; U.S. Court of Appeals, 9th Circuit, 1984; U.S. District Court, Eastern District of California, 1984; U.S. District Court, Central District of California, 1991; U.S. Tax Court, 1991. He became a Certified Public Accountant in 1988.

Annette Nellen, CGMA, CPA, Esq.
CPA, CGMA, Esq., is a professor in and director of San Jose State University’s graduate tax program (MST), teaching courses in tax research, accounting methods, property transactions, employment tax, ethics, leadership, and tax policy. Nellen chairs the AICPA Tax Executive Committee and serves on the AICPA Tax Reform Task Force. She is a former chair of the ABA Tax Section’s Sales, Exchanges & Basis Committee and past member of the California Bar Taxation Section’s Executive Committee. She is the recipient of the 2013 Arthur J. Dixon Memorial Award given by the Tax Division of the AICPA, the highest award given by the accounting profession in the area of taxation. Nellen is the author of Bloomberg BNA Tax Portfolio #533, Amortization of Intangibles, and the Bloomberg BNA Internet Law Resource Center’s portfolio, Overview of Internet Taxation Issues. She is an editor and author for the Southwestern Federal Taxation textbooks, and is a regular contributor for the AICPA Tax Insider and Tax Analyst’s State Tax Notes’ “Moving Forward?” column. She is a frequent speaker on tax updates, tax ethics, new economy tax matters, and tax reform. Nellen maintains the 21st Century Taxation website and blog, as well as several websites on tax reform, state tax nexus, e-commerce taxation, and virtual currency/blockchain taxation. She has testified before the House Ways & Means Committee, Senate Finance Committee, California Assembly Revenue & Taxation Committee, and tax reform commissions and committees on various aspects of federal and state tax reform. In 2015, she was appointed to the Advisory Council to the Executive Director of the California Board of Equalization for a two-year term. Nellen is a graduate of CSU Northridge (bachelor’s degree in accounting), Pepperdine (master of business administration), and Loyola Law School (juris doctor degree). Prior to joining SJSU in 1990, she was with Ernst & Young and the IRS.
Dennis L Perez, Esq.
DENNIS PEREZ has extensive experience in the representation of clients in civil and criminal tax litigation and in tax disputes and controversies before the Internal Revenue Service and all the California taxing agencies. Mr. Perez was formerly a senior trial attorney with District Counsel, Internal Revenue Service, in Los Angeles, California. Mr. Perez is a Certified Tax Specialist, California State Bar Board of Certification and is also a Fellow of the American College of Tax Counsel. He frequently lectures on advanced civil and criminal tax topics at seminars and before national, state and local bar associations and accountancy groups. He is a co-author of the BNA Portfolio, Tax Crimes, has served as the Chair of the Los Angeles Lawyer Magazine Editorial Board and is the first recipient of the Los Angeles Lawyer Sam Lipsman Service Award for outstanding service to the Los Angeles Lawyer Magazine. He is past Chair of the Tax Procedure and Litigation Committees of the Taxation Sections of the State Bar of California and the Los Angeles County Bar Association. Mr. Perez is past President of the Alumni Board for the UCLA School of Law and has served as an Adjunct Professor, Golden Gate University, Graduate School of Taxation.
Michel R. Stein, Esq
MICHEL R. STEIN is a principal at Hochman Salkin Toscher Perez, specializing in controversies, as well as tax planning for individuals, businesses and corporations. For almost 20 years, he has represented individuals with sensitive issue civil tax examinations where substantial penalty issues may arise, and extensively advised individuals on foreign and domestic voluntary disclosures regarding foreign account and asset compliance matters. Mr. Stein is well respected for his expertise and judgment in handling matters arising from the U.S. Government’s ongoing enforcement efforts regarding undeclared interests in foreign financial accounts and assets, including various methods of participating in a timely voluntary disclosure to minimize potential exposure to civil tax penalties and avoiding a criminal tax prosecution referral. He has assisted hundreds of individuals who have come into compliance with their foreign reporting requirements through the OVDP, Streamline or otherwise. Throughout his career, Mr. Stein has represented thousands of individual, business and corporate taxpayers involved in civil examinations and administrative appeals, tax collection matters as well as with possible assertions of fraudulent conduct and in defending criminal tax investigations and prosecutions at every administrative level within the IRS. He has litigated tax cases in the U.S. Tax Court, the U.S. District Court, and various U.S. Circuit Courts of Appeal. He continues to provide tax advice to taxpayer’s and their advisors around the world.
Steven Toscher, Esq
Steven Toscher of Hochman, Salkin, Rettig, Toscher & Perez, P.C. specializes in civil and criminal tax controversy and litigation. He is a certified specialist in taxation, the State Bar of California Board of Legal Specialization, a Fellow of the American College of Tax Counsel and has received an "AV" rating from Martindale Hubble.

In addition to his law practice, Mr. Toscher has served as an adjunct professor at the USC Marshall School of Business since 1995, where he teaches tax procedure. He has also served on the faculty of the American Bar Association Criminal Tax Fraud Program since 1998. He is a former internal revenue agent with the IRS and a trial attorney with the Tax Division of the U.S. Department of Justice in Washington, D.C., where he received its Outstanding Attorney Award.

Mr. Toscher is a frequent lecturer to professional groups and author on civil and criminal tax controversy topics. He is frequent contributor to the Los Angles Lawyer, The Journal of Tax Practice and Procedure and Tax Management Bureau of National Affairs.

Minna C. Yang, Esq, Esq.

Minna Yang is a partner with Wagner, Kirkman, Blaine, Klomparens & Youmans, LLP. With over 15 years of extensive experience, Yang is a member of the business transactions department which practices in the areas of taxation, business matters, real estate, estate planning and probate. She not only provides direct representation to clients, but serves as a practiced resource to client’s primary accountants, financial advisers and other representatives. In the area of business transactions, Yang assists clients and companies with matters including owner relationships, mergers, acquisitions, sales, exchanges, financing and debt restructuring including foreclosures, leases, partnerships, joint ventures and broker-agent relationships. In addition, Yang also specializes in related insurance planning and general business law. In the area of real property transactions, Yang serves several well-known real estate development companies by acting as general counsel. Her services provided include but are not limited to acquisitions, sales, 1031 exchanges, financing, reorganizations, debt restructuring, leases, partnerships, joint ventures, options, licenses, easements, development agreements, cost sharing agreements and various types of transactions related to real estate ownership.

In the area of federal and state taxation law, with her career beginning as an accountant rather than an attorney, Yang’s extensive background as a CPA and auditor for the State Board of Equalization not only provides her with a different insight and perception on the needs of the tax community, but has also assisted with her active involvement in complex tax cases where she has represented companies and individuals in virtually all aspects of tax planning and controversy resolution before federal and state tax authorities. Representative cases include the following: 100% employment tax penalty; income tax and fiduciary liability; fraud and negligence; income reconstruction; tax-free exchanges; reallocation of income; substantiation; timing; characterization; mergers; consolidated returns and collections. Yang is also instrumental in structuring business transactions for efficiency. With regard to estate planning, Yang assist clients with all aspects of estate planning, and trust and probate administration which includes trust planning that include living trusts, marital deduction trusts, irrevocable trusts, life insurance trusts, charitable trusts, foundations, special needs trusts, grantor retained interest trusts and intentionally defective grantor trusts. Business and asset succession planning has included recapitalizations, buy/sell agreements, split interest acquisitions, partnerships, estate freezes, private annuities, self-cancelling installment notes, management trusts, gifting with minority and lack of marketability discounts.

Yang earned her bachelor’s degree in accounting from California State University, Sacramento in 1986; her master’s degree in taxation from Golden Gate University, San Francisco in 1990; and her juris doctor degree from Lincoln Law School, Sacramento in 1996. She served as an adjunct instructor at Golden Gate University from 2003-08, and as a lecturer from 1997 to present for various professional societies and organizations including the Continuing Education of the Bar, Society of Enrolled Agents, PCBC Executive Conference, Tax Officers Summit and the California State Bar Association. Her affiliations include serving as the chair elect on the Income and Other Taxes Committee of the California State Bar Tax Section and membership in CalCPA, the AICPA, Sacramento County Bar Association, Tax and Business Sections and the State Bar of California, Tax Section. She was admitted to practice by the State Bar of California in 1997; the U.S. Tax Court in 1997; and is a Certified Public Accountant (Inactive).

Materials:

  • Materials - ebook