Course Description
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.
In this online tax webinar, speaker Nicholas Preusch will look at each state's credits, how it
works and how it impacts the individual owner's tax returns.
Here is the link to your interests: IRS Approved Courses I CE Courses for Enrolled Agents
Learning Objectives
- To analyze how the states structure PTET credits.
- To inspect which states, allow the PTET.
- To analyze how each state's PTET credit work.
- To discuss the impact of Multistate PTETs and Resident Credits on the individual owner's tax returns.
Recommended For
-
This IRS-approved CE course is for CPA (US), EA, AFSP, CRTP, MRTP,
ORTP, CGFM, ChFCA, CASL, ChSNC, RICP, WMCP, FSCP, PFS, CFIRS, CWS, and other
tax professionals interested in understanding everything about Multistate PTETs
and Resident Credits.
Who Should Attend?
- Bookkeepers & Accountants & Tax Preparers
- California Registered Tax Professional
- Certified Public Accountant (CPA)
- Enrolled Agent
- Maryland Tax Preparers
- Oregon Tax Preparers
- Tax Accountant (Industry)
- Tax Professionals
