As part of the Tax Cuts and Jobs Act (TCJA), the federal deduction for state and local taxes was limited to $10,000 for a married couple filed jointly. States, particularly those with high taxes, almost immediately started working on mechanisms to help their high-income residents and small business owners avoid this limitation. In November 2020, IRS Notice 2020-75 was published allowing Pass-Through Entities (PTE) to deduct certain state income taxes directly imposed on the PTE, even when such taxes are imposed based upon an election and the PTE’s owners are entitled to a state tax credit. Following this IRS Notice, many states have jumped on board by enacting elective PTE taxes that allow owners of these businesses to avoid the $10,000 federal deduction limitation. These state laws will have a significant effect on federal income tax revenue and set the stage for a showdown in Congress concerning the possible repeal of the SALT deduction limitation.
This online CPE/ CE course will take you through some of the similarities and differences of these taxes and some of the questions arising as these new taxes are implemented. We will also look at recent IRS guidance on the federal deduction for the PTE taxes to examine the potential federal tax benefits of these SALT deduction workarounds.
Major topics covered in this online CPE/CE Tax webinar:
Partner, Buckingham
I am a business tax attorney who provides clients with trusted advice concerning significant transactions, tax planning, and difficult challenges encountered in their daily operations. My practice is focused on state and local tax compliance and controversies, including Ohio and multistate sales/use tax, commercial activity tax, and personal income tax issues. Additionally, I represent client in negotiating and drafting agreements for commercial and real estate transactions, and in federal income tax controversies with the Internal Revenue Service.
Because of my tax background, I often advise clients on the business and tax implications related to their corporate structure and significant transactions. I take pride in understanding my clients' business needs and objectives so I can help them achieve their goals in the most beneficial, yet practical, manner.
Also, as former Chair of the Ohio State Bar Association Taxation Committee, I have been asked to present my opinion concerning tax laws and policy to Ohio legislatures on behalf of the Bar Association. These opportunities have given me invaluable insight into the legislative process and the practical considerations that mold tax policy.
Associate Attorney, Buckingham
I am a business and tax attorney representing clients on a broad range of general business and tax matters with an emphasis on tax planning and controversy. I work with both for-profit and nonprofit organizations to help them understand the tax implications of their business strategies and accomplish their goals and missions in the most tax-efficient manner.
I focus my practice on state and local tax planning / controversy including Ohio and multistate sales / use tax, income and commercial activity taxes, and personal income tax. Additionally, I advise nonprofits and exempt organizations on a variety of governance and tax matters including formation, applying for tax-exempt status, executive compensation, unrelated business income, and in controversies with the Internal Revenue Service.
My clients often rely on me to simplify complex tax concepts to help them achieve their goals. I take pride in providing dependable services and strive for a deep understanding of my clients’ business operations to deliver the best possible outcomes while building lasting relationships.
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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 maintenance 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.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.
JB
Raymond Fry made a cohesive and coherent presentation in one hour of material that generally makes me want to go watch paint dry! I enjoyed his presentation and his manner.
OO
Richard Fry gave very valuable information during his presentation, which any tax practitioner will find very useful.
NW
I really enjoyed this course. It was the right amount of time for the material and I found it very informative.
RC
Great instructor! Explanations and additional background information to build on concepts were great.
DL
Very useful information with some important pitfalls and items to consider and work around
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