And I was looking forward to a tax season without the need to reconcille stimulus payments! endstream
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General tax preparation knowledge is required. This letter provides. We will refund 100% of your webinar registration if you cancel by 12 noon PT, seven business days before the webinar. We all know that as it stands now, our clients that received less than $600 are not going to include that income, so why should the $600 and up people do it also. Nice article. If you are a WordPress user with administrative privileges on this site, please enter your email address in the box below and click "Send". The payer box reads CA FTB - MCTR. You will then receive an email that helps you regain access. Or it seems like they want to conclude on something too quickly, and they get it completely wrong. Federal Tax Education and Updates; Webinars . Still trying to figure out how we are going to deal with this. S Corporations and entities taxed as partnerships are "pass-throughs" for federal income tax purposes. Spidell Publishing, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Free with registration AB 150 client letter: Californias recently passed AB 150 allows owners of qualified S corporations, partnerships, or LLCs to greatly reduce their tax liability. Two easy ways to order: 3 Although California does We are the American Institute of CPAs, the world's largest member association representing the accounting profession. Spidell's California Taxletter is a monthly newsletter plus a searchable online archive of back issues that keeps you ahead of California tax changes so they don't take you by surprise. I have no clients west of the Appalachians so this doesnt concern me, but I have to ask. While we have seen some federal tax legislation, the changes have been far more limited than many expected. Rul. Joe Manchin (D-W.Va.) and Kyrsten Sinema (D-Ariz.). On July 1, 2019, California's Governor signed Assembly Bill 91 (A.B. Think about how many countless hours of IRS staff and tax preparer energy would be saved if this was just resolved one way or another. This not only raises business borrowing costs, but also the correlating interest expense tax deduction, which is more likely to be reduced due to the limitations enacted in the 2017 Tax Cuts and Jobs Act (TCJA). I wonder why Dave did not conclude as to whether there is a more-likely-than-not, substantial-authority, or reasonable basis for his conclusion, which, btw, is simply. Special Research Data. The owner of this site is using Wordfence to manage access to their site. Generated by Wordfence at Sat, 4 Mar 2023 10:53:06 GMT.Your computer's time: document.write(new Date().toUTCString());. Option 1: Go ahead and submit your taxes with the information on file so your tax refund isn't delayed and then file an amended return once your IRS account shows the correct amount owed to you . All income or loss recognized by the entity is passed through to the owners and taxed directly on the income tax returns of the owners. Field of Study: Taxes. It has been a challenging year both economically speaking and in terms of tax planning. That too was an exclusion that had some gray areas but it never was an issue with the IRS because it made sense that it shouldnt be taxable. The latest HHS extension for the PHE is effective through January 11, 2023. 2023 Spidell Publishing, LLC All rights reserved. *EAs will receive a 2-hour federal tax self-study to ensure up to 8 hours of CPE. So for the CA taxpayers who filed and paid CA tax, or who filed and paid no CA tax but used the standard deduction, would they not get to use 111's exclusion for the new tax "refund". You will then receive an email that helps you regain access. The credit allowed people who didn't get their first or second. Your personal data will be used to support your experience throughout this website, to manage access to your account, and for other purposes described in our privacy policy. the place to be if you want to be part of a wonderful community of practitioners. Absent a definition, it's what the word commonly means. Great analysis, and I especially like your starting point where you said that Spidell is not substantial authority. We remind you that tax planning should be addressed throughout the year as an integral part of overall financial health. TOLL FREE: (800) 277-2257. Convert your webinar registration to a live seminar for a nominal additional fee. Both of these enjoy strong support on both sides of the aisle. Spidells remains the best professional education program in the state. If you are not completely satisfied with this course in any way,we will provide you with a full refund, hassle-free. 2022/23 Federal and California Tax Update Online Version $244 Print Version $259 Number of Registrants: Add to Cart Add to Wish List Categories: Self-Study, Taxation For more information regarding administrative policies, such as complaints or refunds, contact Spidell Publishing at (800) 277-2257. I assume clients will receive a 1099 but it may not be taxable until 2023. For several months, we have expected the IRS and Treasury to issue additional regulations on the business interest expense deduction, cryptocurrency reporting, deferred compensation and noncompensatory options. Access from your area has been temporarily limited for security reasons. Your access to this service has been limited. Generated by Wordfence at Sat, 4 Mar 2023 10:53:22 GMT.Your computer's time: document.write(new Date().toUTCString());. For more information regarding administrative policies such as complaints or refunds, contact Spidell Publishing at 800-277-2257. Looking for emails or status updates from your e-filing website or software. In this event, we expect extremely modest tax legislation, if any, before 2025. The easiest way to get a copy of an EIN verification letter is to call the IRS. Message Board. Wordfence is a security plugin installed on over 4 million WordPress sites. Register today, send this client letter, and reach out to your clients who might benefit. When combined, the three years of tax returns showed a total tax liability of $540,000. 2022-23-federal-and-california-tax-update-ss. The California Department of Revenue is responsible for publishing the latest California . The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments. State Boards of Accountancy have the final authority on the acceptance of individual course for CPE credit. You can also read the documentation to learn about Wordfence's blocking tools, or visit wordfence.com to learn more about Wordfence. General tax preparation knowledge is required. The owner of this site is using Wordfence to manage access to their site. Add the 2022/23 Federal and California Tax Update Self-Study to your cart. The federal status of this trademark filing is REGISTERED as of Tuesday, August 23, 2016. Potential legislation notwithstanding, we also anticipate a multitude of regulatory guidance from the Treasury Department. It's box 3 other income. 2023 Spidell Publishing, LLC All rights reserved. Just one example. 111 wouldn't apply. You will then receive an email that helps you regain access. It either needs to be taxable to all and issue a 1099-G so that the $600 limit doesnt apply or it should just be tax free like all of the other stimulus payments. %PDF-1.7
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Individuals can refer to IRS Publication 525. in order to provide financial relief for economic disruptions resulting from the COVID-19 emergency. Rul. (a) Gross income does not include any payments received by an individual pursuant to Section 8161 of the Welfare and Institutions Code. With the Consolidated Appropriations Act, 2021, millions of small-business owners like you now qualify for the employee retention credit (ERC) thanks to three big changes: 1. forums, across a wide range of topics. You can also read the documentation to learn about Wordfence's blocking tools, or visit wordfence.com to learn more about Wordfence. "Use tax letters being sent to individuals" Latest episode of our free podcast, Spidell's California Minute. =)YyJ Ask or answer questions in our This penalty is assessed against the partnership. The need for clarity in the federal oversight and tax treatment of digital assets is rapidly escalating. https://www.irs.gov/pub/irs-drop/rp-14-35.pdf, https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202120220AB192, https://www.caltax.com/news/podcast/pod x-refunds/, https://www.sfchronicle.com/california/ 625427.php, https://www.irs.gov/pub/irs-drop/n-02-76.pdf, https://www.ftb.ca.gov/about-ftb/newsroom/middle-class-tax-refund/help.html, https://www.irs.gov/pub/irs-drop/n-20-18.pdf, https://www.kcra.com/article/california s/42562278, https://img1.wsimg.com/blobby/go/310b78 4313102340. Built in New York, USA. 2023 Spidell Publishing, LLC All rights reserved. Sign up for our Tax Update, and for only $69 more get the 2022/23 Bonus CPE: Federal Tax Review Self-Study good for up to 8 hours of additional credit. The California State Tax Tables for 2022 displayed on this page are provided in support of the 2022 US Tax Calculator and the dedicated 2022 California State Tax Calculator.We also provide State Tax Tables for each US State with supporting tax calculators and finance calculators tailored for each state.. The MCTR payments may be considered federal income. And if it's not "income", what else is it? CA has been late in issuing the payments and some were supposed to be mailed out by December 31. Hoping for guidance. [1] The top marginal income tax rate of 39.6 percent will hit taxpayers with an adjusted gross income of $406,751 and higher for single filers and $457,601 and higher for married filers. But it is not unusual at all for someone to make a statement that is not completely correct and omit the nuances that could cause a professional to come to a different conclusion. the 1099-Misc is for reporting income - the payer has to make the call for issuing the 1099, not the payee. The USPTO has given the SPIDELL'S FEDERAL TAXLETTER trademark a serial number of 86429670. Level: Update. 3. Get live tax updates and CPE from the #1 seminar company in California! H|TMo0+H?DJ"mnh@P8p7&K2ePAi*FIi+/C>a1@.` Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. %%EOF
Spidell, a CA tax research service, just issued a blast saying that it is taxable for fed, but they did not explain their reasoning. Online version only. Your access to this service has been limited. vmd6HBNgUa0>)X$F%xuHHiq^ %g~GW-|\RJ*8V 1{`
%[.yOJ)SfFI?;u ^. As such, 1099-MISC for MCTR payments of $600 or more will be issued. (HTTP response code 503). Wordfence is a security plugin installed on over 4 million WordPress sites. Spidell Publishing, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. 139. In specific circumstances, the services of a professional should be sought. Whether you owe taxes or you're expecting a refund, you can find out your tax return's status by: Using the IRS Where's My Refund tool. Get the most practical tax CPE without leaving your office. Income Tax Brackets and Rates. Absent the inclusion of a work requirement, it is doubtful Manchin or congressional Republicans will support expanding the credit. The following . A letter that indicates we have fully or partially denied your claim for refund; If you disagree with our final review. Please allow three business days to receive your client letter via e-mail. endstream
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This does not constitute an endorsement by these groups. While in most cases you will only need a transcript, a copy may be needed for other reasons like filing an amended tax return. *Discount valid through November 14, 2022. endstream
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Spidell Publishing, a private company that offers tax advice, is the one saying it's taxable for Federal purposes. Federal Taxletter Client Letters. 2023 Baker Tilly US, LLP, Individual Income Tax Planning & Compliance, the ever-changing world of digital asset taxation, Employee benefits and executive compensation update, Four takeaways from the first year of CPAR, The ever-changing world of digital asset taxation, Beneficial ownership reporting new FinCEN regulations, Research credit changes bring good news and bad news, Navigating through the world of state and local tax, U.S. international tax and transfer pricing update, Substantially lower filing threshold for Form 1099-K, Excess business loss limitation developments, The future of the excess business loss limitation, 2022 accounting method issues and developments, Inflation Reduction Act: energy provisions, Federal issues surrounding state pass-through entity tax regimes, Extension of research and development expensing and/or a refundable research credit, Refundable and/or enhanced child and dependent care tax credit, Credit for qualified fuel cell motor vehicles, Credit for construction of new energy-efficient homes, Increase in exclusion for employer-provided dependent care assistance, Extension of favorable formula used to compute business interest expense deduction under section 163(j), Charitable contribution deduction by non-itemizers. ' Did you know that failing to report all of your income or overstating your Key individual tax elements expiring in 2025 include the top tax rate for individual taxpayers reverting to 39.6% from 37%, an end to the 20% section 199A qualified business income deduction, removing the $10,000 cap on the state and local tax (SALT) deduction and reinstating the personal and dependent exemption deductions. endstream
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The penalty for filing late is 5% of the taxes you owe per month for the first five months - up to 25% of your tax bill. (a) Nontaxable with the chance that we later learn that this was wrong, and they will have to pay up, or (b) pay up now to avoid any future issues. 145 0 obj
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This week were covering some of the basics of incentive stock options and how and when to recognize income. HT]o@|W]>R)|T-%"*!RR|o8[*r^g;kIe7S'*8n:]kS2dq8SOZQac.DS4C\m2ppE@w@*JHC((XR]+F`D(GT.Z#pQ 3h.EVzT~>~uP/MM-,AZ28_$g6EH8] ZBu19_|8p8cBD+}k"ifr9Gmf*KC&Os? This course is designed to meet the requirements for 8 hours of continuing education for CPAs; 6 hours of Federal Update for EAs*; 6 hours of Federal Update and 2 CA for CRTPs; and 6.75 hours of General MCLE credit for attorneys. Get the answers to all your California tax questions. A listing of additional requirements to renew tax preparer registration may be obtained by contacting CTEC at P.O. Freer, EA, Thank you for attending and presenting your issues at the December 2021 Taxpayers' Bill of Rights Hearing. As always, you may switch from one webinar date to another, to the on-demand webinar version, or to the self-study version FOR FREE. Instead, What about all the people that received less than $600? Governmental payments to help individuals and families meet disaster-related expenses are based on need. Take a look back on our 2021 year-end tax letter. (HTTP response code 503). This site was created as a gathering place for tax and accounting professionals. There are more than 40 temporary tax provisions that expired Dec. 31, 2021, including: Five tax extenders expiring at the end of 2022 that may be retroactively reinstated include the full deduction for business meals provided by a restaurant (otherwise limited to 50%) as well as incentives for biodiesel and renewable diesel fuel. California's Middle Class Tax Refund is a federal income? What about all the people that received less than $600? Delivery method: Self-Study. Depends if you can justify your client falling under the General Welfare Benefit rule. I was once watching a webcast and they made a firm statement about limitations on the deduction of interest expense on real estate held for investment. One notable exception to our expectation of a stalemate in a split Congress is the possibility of a bipartisan bill addressing the regulation and taxation of digital assets. *Please allow 2 business days for e-mail delivery of your Tax Planning Client Letter and Checklist and Tips to Prepare Yourself and Your Office for Tax Season. A place for taxation and accounting professionals to discuss their trade. The IRA contains a multitude of energy credits, an excise tax on stock repurchases and a new corporate alternative minimum tax (AMT). House Republicans have offered a broadly stated policy proposal if they control the House in January. This week were covering one of the provisions of the new SECURE 2.0 Act, which deals with 529 plan rollovers to Roth accounts. It seems to meet all of the requirements of the general welfare exclusion. I think that another argument could be made for exclusion. Planning and strategy for your most valuable clients Spidell's Federal Taxletter is a monthly newsletter plus a searchable online archive of back issues that keeps you at the leading edge of the issues that will impact your clients, from healthcare to trusts and from LLCs to virtual currencies. CFPs do not receive credit for the on-demand webinar or self-study versions of this course. If you want to settle. Taxation; Accounting and Auditing; Ethics To date, 2022 has seen limited federal tax legislation in the Inflation Reduction Act (IRA) and United States Innovation and Competition Act of 2021 (USICA aka CHIPS-plus Act). to low-income and middle-income Californians in order to provide financial relief for economic disruptions resulting from the COVID-19 emergency, such as the financial burdens of inflation and increasing costs for gas, groceries, and other necessities. For additional discussion of the IRA, see our previous tax alert. To assist you in this endeavor, our year-end tax letter also includes articles on the evolving world of digital assets, happenings at the IRS, information reporting, new international tax issues and reporting as well as the latest in state and local taxation. On Wednesday, March 24, 2004, a trademark application was filed for SPIDELL'S CALIFORNIA TAXLETTER with the United States Patent and Trademark Office. 21. I assume when it's received. This webinar is designed to meet the requirements for the specified number of hours of continuing education for the California Board of Accountancy. Spidell's Federal Tax Minute. It excludes from income a qualified disaster relief payment. 139(b)(1) says that this is an amount paid to reimburse or pay reasonable and necessary personal, family, living, or funeral expenses incurred as a result of a qualified disaster. 139(c)(2) says that a federally-declared disaster is a qualified disaster.. Today, you'll find our 431,000+ members in 130 countries and territories, representing many areas of practice, including business and industry, public practice, government, education and consulting. 296.021 Field of Study: Taxes. Spidell is just one opinion, nothing more. 2. }|o_Rhsb.nm*Od#z 1 ]-=?kc0%W*]x&tf#o> 0
As always, we encourage you to contact your Baker Tilly advisor or visit bakertilly.com/contact to discuss how these issues impact your tax position. PO BOX . Peringkat 296.021 st global dan 75.396 th di United States. If you are a WordPress user with administrative privileges on this site, please enter your email address in the box below and click "Send". Finally, the CHIPS-plus Act includes over $52 billion for semiconductor facilities plus a 25% tax credit for semiconductor manufacturing. We expect any legislation in the lame-duck session to be centered around items with bipartisan support. Get a Copy of a Federal Tax Return. Course level: Update Do you have questions about the different versions of our 2022/23 Federal and California Tax Update courses? Serving Tax Professionals For Over 40 Years. The federal status of this trademark filing is REGISTERED AND RENEWED as of Thursday, October 30, 2014. You can file an appeal with the Office of Tax Appeals - you must do this within 30 days of the date printed on your NOA. Attendees of the 2022/23 Federal Tax Update webinar and self-study are not eligible for continuing education credit for this course. I really don't understand why someone high up at the FTB cannot reach out to the IRS and get a definitive ruling on this. Recent comments by the Fed indicated it intends to further increase rates until the funds level hits a terminal rate, or end point, with a current target of 4.6% in 2023. 85-39, 1985-1 C.B. Analysis and Explanation of California Taxes. Call us at (800) 277-2257 or order online! hb```o,@(q@aIKB!|q5GGCTH1?Xg OLALLL:LRL It doesnt seem right that we would tax our married couples or single parents but not all of the single individuals that received, be for the promotion of the general welfare (that is, based on need). Provide the name of your business and other verification details like address and phone number to the support executive. 230 (Provider No. Be the first to review 2022/23 Federal and California Tax Update, 2023 Post-Tax Season Update and Review (Various Dates), Spidells Analysis & Explanation of California Taxes 2023 Edition (The Big Blue Answer Book), 2022/23 Bonus CPE: Federal Tax Review Self-Study, Regulatory Review: Practicing Within the Law, See which tax provisions are included in the new Inflation Reduction Act, Get updated on everything that happened during the year, See which provisions expired at the end of 2021 and what will expire at the end of 2022, See which changes are being considered under the SECURE Act 2, the Retirement Security and Savings Act, and the Rise and Shine Act, Get worksheets, charts, and client letters to explain changes and planning opportunities to help your clients take advantage of available tax breaks, Learn about new proposed RMD regulations, and make sure your clients are taking proper RMDs, Understand what ARPA benefits are no longer available in 2022, See why clients may be getting more premium tax credits. RtK=oeic[k_9BPSs0u~{NLxI(/Z^l|F|`,? sZ{V
Proc. Why wouldnt CA issue a 1099-G instead of a 1099-Misc? SECURE 2.0 Act provisions going into effect in 2023. Anaheim, CA 29803-6144. H|Tn0+xvi A[+3[$nRlJ\r+6?,gu
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Serving Tax Professionals For Over 40 Years. Access from your area has been temporarily limited for security reasons. In this context, because need is not defined in terms of financial need, the general welfare exclusion applies equally to all residents of an affected area regardless of their income levels. This week were discussing solar tax incentives that were expanded under the inflation Reduction Act. If you want your tax audit to be considered for settlement, visit FTB Notice 2020-03. For more information regarding administrative policies, such as complaints or refunds, contact Spidell Publishing at (800) 277-2257. In my opinion, a good argument could be made that the payment under the Act is excludable from gross income based on the general welfare exclusion. This webinar is designed to meet the requirements for the specified number of hours of continuing education for the California Board of Accountancy. Then I ask what tax position they want to take. Solar tax incentives expanded under IRA 22. While some may push for far-reaching provisions, being able to use reconciliation in the Senate and bypass the filibuster rules will still require the sign off of Sens. You can get copies of tax returns from the past 7 years. To view articles in Research, you must be logged in. Spidell always provides the greatest coverage of tax law changes and how to prepare your practice to incorporate them. 2802C Withholding Compliance Letter: This letter is mailed to taxpayers who have been identified as having under-withholding of Federal tax from their wages. Generated by Wordfence at Sat, 4 Mar 2023 10:53:09 GMT.Your computer's time: document.write(new Date().toUTCString());. Our history of serving the public interest stretches back to 1887. The Infrastructure Investment and Jobs Act, a bipartisan bill passed in late 2021, made changes to reporting requirements for digital assets, including cryptocurrencies. Your access to this service has been limited. They followed this advice and also had him file their 1999 tax return. 16; and Rev. Recent articles address important issues: IRS is not taxing Middle Class Tax Refunds (March 2023) ERC refunds are not taxable income for California (March 2023) m/8Ne
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Example: "401(k)", 2023 Post-Tax Season Update and Review (Various Dates), Spidells Analysis & Explanation of California Taxes 2023 Edition (The Big Blue Answer Book), Spidell's Analysis & Explanation of California Taxes. Federal Taxletter Tax Guides. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. Consult with legal counsel. In the absence of a disaster, however, governmental payments made without regard to financial status, health, educational background, or employment status are not based on need and, thus, do not qualify under the general welfare exclusion. (HTTP response code 503). Serving Tax Professionals For Over 40 Years. OwuHH?.n~cq7SL\u\ 5sC
}CVJ{2|hf=R7>InD3LFtDfh&z]E. Calling the IRS at 1-800-829-1040 (Wait times to speak to a representative may be long.) With this in mind, look for potential legislation to include a continuation of fully expensing R&D expenses with certain retirement provisions of the Setting Every Community Up for Retirement Enhancement (SECURE) Act rolled in. I included a couple of items about this in my organizer. Given the competing priorities of the IRS and Treasury, particularly considering the extent of guidance needed to implement the recently passed IRA, it remains to be seen whether any of this pending guidance will be issued in the near future. While the IRA is less expansive than the initial Build Back Better proposals, it does add numerous complexities to tax law requiring new guidance from the Treasury Department. )Rj]{V;G$:J`#4{Pg?%84ZhuCpTAr4,ch1$:H7soulu?FTAQ$22W78ie7+j~{~N>xuwh/}TNwf{X}o~O9S;r]7GQP0}TVGJTu.| e
In the intervening 12 months, several digital asset bills have been introduced, most with bipartisan sponsorship. Spidell Publishing, Inc. creates and distributes two monthly newsletters, the California Taxletter and the Federal Taxletter, which keep more than 5 1,302 people like this 1,514 people follow this 3 people checked in here http://www.caltax.com/ (800) 277-2257 facebook@spidell.com Closed now 8:00 AM - 5:00 PM Accountant Message Board. Live seminar locations are returning in December 2022 and January 2023. Offer valid through December 15, 2021. But many of us think that they're wrong and that they haven't considered the general welfare exclusion. For more details, please see our article on the ever-changing world of digital asset taxation. The refund is not that large, and it quits at $500k AGI (CA). At any rate, the opinions of tax professionals (including mine) do not constitute substantial authority that may be relied upon for purposes of the accuracy- related penalty .18, whether there is a more-likely-than-not, substantial-authority, or reasonable basis for his conclusion. LL/V3Z 5'f& ^
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Spidell's Federal Taxletter Free CPE for CPAs, EAs, and CRTPs Caltax.com user guide Authors and Speakers News 2023-14: California will conform to October 16 deadline extension (March 2, 2023) California will conform to October 16 deadline extension (March 2, 2023) Option to receive text messages from the FTB (February 28, 2023) Box 60144. Welcome to Spidell's Federal Tax Minute, a weekly podcast that focuses on federal tax news snippets to keep you up-to-date on the issues that affect your clients and your practice, in an audio format that you can access at your office or on your phone. A challenging economy, ever-changing tax rules and rising interest rates make tax and business planning more critical than ever. SumwunLost wrote: What is the disaster that caused the payments to be made? the Wilsons to amend their 1997 and 1998 tax returns so as to properly report the offshore trust income. For example, Rev. CPE courses for CPAs, EAs, CRTPs, and Attorneys. According to the TAS, the faulty letters were sent to taxpayers who claimed the Recovery Rebate Credit on their 2020 tax returns. Tribune: Court rules this town is, in fact, big enough for the both of us, Tribune: Police deal blow to drug smugglers delivery system, 2023-14: California will conform to October 16 deadline extension, 2023 Post-Tax Season Update and Review (Various Dates), Spidells Analysis & Explanation of California Taxes 2023 Edition (The Big Blue Answer Book), 2023 Post-Tax Season Update and Review Webinar, Your online subscription to the Analysis and Explanation of California Taxes 2023 Edition, Have a course to be completed?