Multistate PTETs and Resident Credits Update 1 Credit
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Before the Tax Cuts and Jobs Act (TCJA), the Internal Revenue Code allowed individuals to claim a deduction for state and local taxes (if itemizing). With the passing of the TCJA, Congress limited the deduction for state and local income taxes to $10,000 for married filing jointly and $5,000 for everyone else. With the severe limitation on itemized deductions, states have created workarounds to allow their residents to deduct the taxes paid to the states.
In response to the TCJA, certain jurisdictions have enacted, or are contemplating the enactment of, tax laws that impose either a mandatory or elective entity-level income tax on partnerships and S corporations (“pass-through entities”) that do business in the jurisdiction or have income derived from or connected with sources within the jurisdiction.
In most cases, the jurisdiction’s tax law provides corresponding or offsetting owner-level tax benefits, such as a full or partial credit, deduction, or exclusion. Thus, through the pass-through entity, the owners receive a deduction for federal purposes that would have been limited if the SALT were paid by the owner directly.
Key topics covered in this CE Tax course:
In this online tax webinar, speaker Nicholas Preusch will look at each state's credits, how they work, and how they impact the individual owner's tax returns.
Note: The webinar primarily centers around Multistate PTET and Resident Credits in 22 states. For additional information covering all 36 states, please refer to the handout available for download. The details for the other 36 states are straightforward and repetitive. Thus, doesn't require to be included in the webinar.
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-02277-25-S) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-02277-25-S) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1618) | 1 CE | Approved |
| Taxes for Personal Financial Specialist (PFS) | 1 CPD | Eligible |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Chartered Financial Consultant (ChFC) | 1 CE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-02277-25-S) | 1 CE | Approved |
| Taxes for Retirement Income Certified Professional (RICP) | 1 CE | Eligible |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-02277-25-S) | 1 CE | Eligible |
| Taxes for Wealth Management Certified Professional (WMCP) | 1 CE | Eligible |
| Taxes for Financial Services Certified Professional (FSCP) | 1 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-02277-25-S) | 1 CE | Approved |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
| Taxes for Chartered Special Needs Consultant (ChSNC) | 1 CE | Eligible |
| Taxes for Chartered Advisor in Senior Living (CASL) | 1 CE | Eligible |
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-U-02031-24-O) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-U-02031-24-O) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1618) | 1 CE | Approved |
| Taxes for Personal Financial Specialist (PFS) | 1 CPD | Eligible |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Chartered Financial Consultant (ChFC) | 1 CE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-02031-24-O) | 1 CE | Approved |
| Taxes for Retirement Income Certified Professional (RICP) | 1 CE | Eligible |
| Federal tax-related matters for LTC (Approval No. GEHNZ-U-02031-24-O) | 1 CE | Eligible |
| Taxes for Wealth Management Certified Professional (WMCP) | 1 CE | Eligible |
| Taxes for Financial Services Certified Professional (FSCP) | 1 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-02031-24-O) | 1 CE | Approved |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
| Taxes for Chartered Special Needs Consultant (ChSNC) | 1 CE | Eligible |
| Taxes for Chartered Advisor in Senior Living (CASL) | 1 CE | Eligible |
Credit
1
Course Level
Basic
Instructional Method
QAS Self Study
Group Internet Based
Pre-requisites
None
Advance Preparation
None
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering aintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) 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. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.
Looking to fulfill your Enrolled Agent (EA) Continuing Education (CE) requirements? MY-CPE online Enrolled Agent CE courses are the best for you. Earn EA CE Credits while enhancing your domain knowledge and expertise in diverse tax regulations and practices. Our courses are designed to provide you with the latest updates and deep insights to keep you ahead in your field. With flexible scheduling and a user-friendly platform, MY-CPE offers you a greater convenient and interactive learning experience. Join MY-CPE today and take the next step in advancing your career as an Enrolled Agent.
Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the AICPA’s Tax Executive Committee. Nicholas is an adjunct professor at the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).
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AL
This was my first webinar through myCPE and it was a great experience. I learned a lot and loved that they made the handouts available. I would have liked to have the handouts the day before so I would be able to print them and wrote notes but that’s the only suggestion I have for future courses
VK
Thank you so much for the Webinar, I have learnt a lot of things and also get the answers of so many questions. The way you teach the particular things that helped a lot. The polls question between the webinar was so much helpful. Thank you
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