CALIFORNIA SOCIETY OF CPAS ©2021 California Society of CPAs • 1710 Gilbreth Road • Burlingame, CA 94010 • (800) 922-5272 Founded in 1909, the California Society of Certified Public Accountants (CalCPA) is the largest statewide professional association of certified public accountants in the United States. CALCPA EDUCATION FOUNDATION CalCPA Education Foundation. The California Certified Public Accountants Education Foundation (founded in 1966) is a 501 (c) (3) organization. The Education Foundation is overseen by a 15-member Board of Trustees that meets to set policies, strategies, goals and financial parameters. Trustees are elected annually by a nominating

committee.

MY ACTIVITES

My Activities—All-in-One access to Your CPE, Events and Meetings. We are pleased to offer you My Activities—your all-in-one access to CalCPA Events, Course Materials, On-Demand, and more! The following information will assist you in navigating all that this new page has

to offer.

CALCPA EDUCATION FOUNDATION ©2021 California Society of CPAs • 1710 Gilbreth Road • Burlingame, CA 94010 • (800) 922-5272 Founded in 1909, the California Society of Certified Public Accountants (CalCPA) is the largest statewide professional association of certified public accountants in the United States. BRAINFOOD FROM CALCPA ©2021 California Society of CPAs • 1710 Gilbreth Road • Burlingame, CA 94010 • (800) 922-5272 Founded in 1909, the California Society of Certified Public Accountants (CalCPA) is the largest statewide professional association of certified public accountants in the United States. NEW CALIFORNIA EMPLOYMENT LAWS FOR 2021 10 CALIFORNIA CPA JANUARY/FEBRUARY 2021 www.calcpa.org Nw alora Eployment aw or 2021 SB 1159 AB 979 SB1159 bill also places a retroactive reporting requirement on employers. Workers’ Compensation & COVID-19

CPE REQUIREMENTS

CPE Requirements About Our Programs Education Foundation programs are developed to comply with the Statement on Standards for Continuing Professional Education (CPE) Programs jointly issued by the National Association of State Boards of Accountancy (NASBA) and the AICPA. California Board of Accountancy A licensee shall be required, as a condition of active status license renewal, to have WHAT IS THE DATE A TRUST IS FUNDED? When applying for an EIN for the irrevocable trust, the usual date to report for when the trust funded is the date of the second spouse’s death. The first return for the irrevocable trust is filed for the period beginning with the date of the death and ending on December 31 of that same year. It’s possible that the trust will report income CAN I SELL MY PARENTS HOUSE AND AVOID THE CAPITAL GAIN TAX? ©2021 California Society of CPAs • 1710 Gilbreth Road • Burlingame, CA 94010 • (800) 922-5272 Founded in 1909, the California Society of Certified Public Accountants (CalCPA) is the largest statewide professional association of certified public accountants in the United States. HOW DO I DEDUCT MORTGAGE PAYMENTS ON A DUPLEX I LIVE IN? There are a number of limitations on the deductibility of rental losses against other types of income. You should consult with a professional tax adviser such as a CPA for the details of the limitations. Martin G. Laffer, CPA, CFF, CFE, is a partner in the firm of Laffer & Gottlieb, CPAs. You can reach him at (310) 274-7600 (310)

274-7600.

CALIFORNIA SOCIETY OF CPAS ©2021 California Society of CPAs • 1710 Gilbreth Road • Burlingame, CA 94010 • (800) 922-5272 Founded in 1909, the California Society of Certified Public Accountants (CalCPA) is the largest statewide professional association of certified public accountants in the United States. CALCPA EDUCATION FOUNDATION CalCPA Education Foundation. The California Certified Public Accountants Education Foundation (founded in 1966) is a 501 (c) (3) organization. The Education Foundation is overseen by a 15-member Board of Trustees that meets to set policies, strategies, goals and financial parameters. Trustees are elected annually by a nominating

committee.

MY ACTIVITES

My Activities—All-in-One access to Your CPE, Events and Meetings. We are pleased to offer you My Activities—your all-in-one access to CalCPA Events, Course Materials, On-Demand, and more! The following information will assist you in navigating all that this new page has

to offer.

CALCPA EDUCATION FOUNDATION ©2021 California Society of CPAs • 1710 Gilbreth Road • Burlingame, CA 94010 • (800) 922-5272 Founded in 1909, the California Society of Certified Public Accountants (CalCPA) is the largest statewide professional association of certified public accountants in the United States. BRAINFOOD FROM CALCPA ©2021 California Society of CPAs • 1710 Gilbreth Road • Burlingame, CA 94010 • (800) 922-5272 Founded in 1909, the California Society of Certified Public Accountants (CalCPA) is the largest statewide professional association of certified public accountants in the United States. NEW CALIFORNIA EMPLOYMENT LAWS FOR 2021 10 CALIFORNIA CPA JANUARY/FEBRUARY 2021 www.calcpa.org Nw alora Eployment aw or 2021 SB 1159 AB 979 SB1159 bill also places a retroactive reporting requirement on employers. Workers’ Compensation & COVID-19

CPE REQUIREMENTS

CPE Requirements About Our Programs Education Foundation programs are developed to comply with the Statement on Standards for Continuing Professional Education (CPE) Programs jointly issued by the National Association of State Boards of Accountancy (NASBA) and the AICPA. California Board of Accountancy A licensee shall be required, as a condition of active status license renewal, to have WHAT IS THE DATE A TRUST IS FUNDED? When applying for an EIN for the irrevocable trust, the usual date to report for when the trust funded is the date of the second spouse’s death. The first return for the irrevocable trust is filed for the period beginning with the date of the death and ending on December 31 of that same year. It’s possible that the trust will report income CAN I SELL MY PARENTS HOUSE AND AVOID THE CAPITAL GAIN TAX? ©2021 California Society of CPAs • 1710 Gilbreth Road • Burlingame, CA 94010 • (800) 922-5272 Founded in 1909, the California Society of Certified Public Accountants (CalCPA) is the largest statewide professional association of certified public accountants in the United States. HOW DO I DEDUCT MORTGAGE PAYMENTS ON A DUPLEX I LIVE IN? There are a number of limitations on the deductibility of rental losses against other types of income. You should consult with a professional tax adviser such as a CPA for the details of the limitations. Martin G. Laffer, CPA, CFF, CFE, is a partner in the firm of Laffer & Gottlieb, CPAs. You can reach him at (310) 274-7600 (310)

274-7600.

CPE PROGRAM GUIDE

©2021 California Society of CPAs • 1710 Gilbreth Road • Burlingame, CA 94010 • (800) 922-5272 Founded in 1909, the California Society of Certified Public Accountants (CalCPA) is the largest statewide professional association of certified public accountants in the United States.

WEBCASTS - CALCPA

Education Foundation Webcasts upcoming webcasts dynamic listing Participating in a webcast is as easy as one, two, three. Here's how you get started: 1) Decide on individual or group attendance. 2) Test your computer system to ensure that your computer meets the minimum system requirements . After the test, you may click here to view a

sample webcast.

CPA EXAM REQUIREMENTS ©2021 California Society of CPAs • 1710 Gilbreth Road • Burlingame, CA 94010 • (800) 922-5272 Founded in 1909, the California Society of Certified Public Accountants (CalCPA) is the largest statewide professional association of certified public accountants in the United States. BRAINFOOD FROM CALCPA ©2021 California Society of CPAs • 1710 Gilbreth Road • Burlingame, CA 94010 • (800) 922-5272 Founded in 1909, the California Society of Certified Public Accountants (CalCPA) is the largest statewide professional association of certified public accountants in the United States.

NEW MANAGER SERIES

New Manager Series. Becoming a new manager requires a certain set of skills to be fine-tuned and developed over time. However, as most new managers realize, time is not an expendable commodity. Make the most of your minutes with these easy-to-digest webcasts that will help you maximize your potential in your new role. Instructor: Erin Daiber,

CPA.

OUT OF STATE APPLICANTS An out-of-state CPA wanting to be licensed in California must submit an application and meet California’s education and licensing requirements (including passing the required ethics exam). However, an out-of-state licensee may be considered to have met the education and experience requirements if they have been engaged in the practice of CAN I SELL MY PARENTS HOUSE AND AVOID THE CAPITAL GAIN TAX? ©2021 California Society of CPAs • 1710 Gilbreth Road • Burlingame, CA 94010 • (800) 922-5272 Founded in 1909, the California Society of Certified Public Accountants (CalCPA) is the largest statewide professional association of certified public accountants in the United States. HOW DO WE WITHHOLD TAX FOR OUT-OF-STATE EMPLOYEE? ©2021 California Society of CPAs • 1710 Gilbreth Road • Burlingame, CA 94010 • (800) 922-5272 Founded in 1909, the California Society of Certified Public Accountants (CalCPA) is the largest statewide professional association of certified public accountants in the United States.

CHANGING 1041 WAYS

Changing 1041 Ways. The Tax Cuts and Jobs Act of 2017 has a fundamental impact on federal fiduciary income taxes. For tax years 2018–25, these restrictive rules will change the way Form 1041 fiduciary income tax returns work. Two substantial changes involve the limitation on state and local tax deductions, and the elimination of

deduction for

DO I GET A STEP UP ON MY SECURITIES ON THE DEATH OF A SPOUSE Federal tax code section 1014 (b) (6) provides that community property assets step up 100 percent in basis at the death of one spouse (even though the other spouse survives). Example: Stock worth $100 at date of death with a basis of $20 steps up to $100 basis upon date of death. This is distinguished from "common law" states (non-community Skip to main content

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©2021 California Society of CPAs • 1710 Gilbreth Road • Burlingame, CA 94010 • (800) 922-5272 Founded in 1909, the California Society of Certified Public Accountants (CalCPA) is the largest statewide professional association of certified public accountants in the United States. CalCPA offers a wide variety of benefits and services for CPAs and financial professionals. CalCPA, with 14 chapters located throughout the state, is committed to the education and betterment of our members and the

profession.

CalCPA Institute is a registered 501(c)(3). EIN: 20-0978565 | CalCPA Education Foundation is a registered 501(c)(3). EIN: 94-613084 Powered by Azure Servers