State Taxation of Pass-through Entities and SALT Cap Workaround 1 Credit
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Feb 24, 2023 | 02:30 PM
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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 webinar:
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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 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.
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.
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To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
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.
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We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days - fastest in the industry.
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