What, a, day!
My morning kicked off at 7am, I was mentally preparing for the exhausting day ahead - over eight hours of income tax return updates for 2010 (Spidell Gear-Up). The seminar covers EVERYTHING; what has changed, what remains, and what we need to be aware of as accountants and tax preparers when dealing with government agencies. Although I personally am not credentialed in preparing tax returns just yet (I'm actively working towards my EA license - please refer to the "credentials" page for more information on EA's) it's advantageous to be aware of the issues you as clients will face. Michelle (who is the owner of BBFS and also an EA) and I were in attendance, it's great to have another person to consult with regarding blurry concepts. Equipped with a pen and a binder with over three hundred pages of information it kicked off at 8:30am. Lunch was provided and wrapped up around 4:45pm. Each time I attend these seminars I wonder; why would anyone want to live in California? With over a quarter of a million people moving to California each year (calchamber.com), it's amazing. It's cruel what our state does to it's population relating to taxes. Think you can carryover the federal earned income credit to your state return? No. Think your HSA contributions are treated as non-taxable income in California? No. These like many other credits offered federally are not accepted in California - non-conforming - leaving us one of the most highly taxed states! It's unfair.
Think you can simply leave the state and become a citizen in another right away? Think again, California says in order to be declared a non-resident you have to live in another state without ties to California (kids, mail, work, visiting, etc - all outside of CA) for 546 days!
Quite depressing! But, where else is the sun shining in the middle of November? I think the Beach Boys said it best! :)
Till next time...