Federal and California Tax Update for Individuals Webcast | 4201498Q

Date :
January 21, 2021 8:30 AM - 4:00 PM
Location :
Webcast
Facility :
Webcast Event
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
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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:

This course will adjourn at 4 p.m.

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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.
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.

Materials:

  • Materials - ebook