California Tax Update: Part 1

Author: Eva Rosenberg

CPE Credit:  3 hours for CPAs
3 hours Federal Tax Law Updates for EAs and OTRPs
3 hours California Tax for CTEC

In December 2015 Congress passed a comprehensive set of laws through the PATH Act of 2015 and Protecting Americans From Tax Hikes Act Of 2015. In 2017, Congress gave us The Tax Cuts and Jobs Act which became law on 12/22/17. On February 2, 2018, Congress passed the Bipartisan Budget Act of 2018. The State of California conformed to some provisions and not others.

Join Eva Rosenberg, EA, as she walks through essential information for tax professionals preparing 2018 individual California tax returns. This course will help you understand where California tax laws differ from the U.S. Internal Revenue Code in order to prepare your clients’ 2018 tax returns.

Publication Date: October 2018

Designed For
California perparers needing to meet their CTEC qualifications for the year, as well as any tax practitioner or preparer needing to prepared California tax returns for 2018.

Topics Covered

  • Filing Status
  • Personal Exemptions
  • Standard Deductions
  • Tax Brackets
  • Adjustments to Income
  • Taxable Income
  • IRA and Deferred Accounts Basis
  • Retirement Contributions
  • Itemized Deductions
  • Capital Gains
  • Other Income, Loss and Differences
  • Tax Credits
  • Household Employees
  • Filing Deadlines
  • Disaster Deadlines

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 California filing statuses and standard deductions
  • Recognize the California Exemption Credit for each filing status
  • Identify California's highest tax bracket for individuals
  • Differentiate which tax provisions California conformed to
  • Differentiate how much of a deductible goes to the IRS and California
  • Recognize how to handle HSAs in California
  • Identify which state or country is not the list to allow a tax credit paid to certain other states or countries, which tax the same income as California, to avoid double taxation
  • Identify and apply California personal exemptions for 2018
  • Recognize which federal adjustments or benefits are recognized by California
  • Identify which income is taxed by California
  • Describe how you can keep a refund from being taxable to the IRS
  • Recognize taxable income for California taxpayers
  • Identify when you must register as a household employer during a calendar quarter for California purposes
  • Identify when Californians may take advantage of California extended filing deadlines
  • Describe California's Capital Gains tax rate
  • Differentiate correct statements about California's tax policies regarding foreign sourced income
  • Identify non-refundable credits

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (3 hours)

Program Prerequisites
A basic understanding of California Tax.

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $66

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