State Taxation of Pass-through Entities and SALT Cap Workaround

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • MRTP
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

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:

  • Pass-through entities
  • State taxable income
  • Other entity-level taxes
  • New PTE level taxes to circumvent the SALT CAP
  • Recent developments

Learning Objectives

  • To determine the general structure of state income taxes imposed on Pass-through Entities (PTE) and their owners. 
  • To discuss a detailed analysis of SALT Cap Workaround statutes enacted by many states. 
  • To describe the requirements and consequences of electing to impose state income taxes at the PTE level. 
  • To discuss the effect of SALT Cap Workaround on PTE owners and income tax revenue. 

Recommended For

  • This online IRS-approved CE course is recommended for CPAs, EAs, AFSPs, and Other Tax Professionals involved in advising their clients on pass-through entity taxation matters and its shareholders or partners

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Annual Filing Season Program
  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • Certified Public Accountant (CPA)
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Professionals

Course Qualification

Webinar Qualifies For

  • 1 CE Credit of Federal Tax Law Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-00618-21-O)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit of Federal Tax Law Update for Annual Filing Season Program (AFSP)
  • 1 CE Credit of Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0590)
  • 1 CE Credit of Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-00618-21-O)
  • 1 CE Credit of Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-00618-21-O)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)
  • 1 General Credit for Accountant/Bookeeper

Additional details

  • Course Level :
    Update
  • Credits :
    1
  • Instructional Method :
    Group Internet Based

IRS APPROVED

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.

NASBA APPROVED

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 through its website: www.NASBARegistry.org.

CTEC APPROVED

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.

Presenter

About Presenter

Richard Fry

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.

About Company

Buckingham

www.bdblaw.com/

Buckingham, Doolittle & Burroughs, LLC is a corporate law firm that counsels middle-market executives and business leaders all over Ohio and beyond. With offices in Cleveland, Akron and Canton, Ohio, Buckingham offers clients sophisticated and practical legal services. Serving the region for more than 100 years, Buckingham’s mission is to deliver meaningful experiences through the practice of law, exceed expectations in terms of service, counsel and business sense, and to offer continuous value to the industries, communities and clients they serve.

About Presenter

Nathan Fulmer

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.

About Company

Buckingham

www.bdblaw.com/

Buckingham, Doolittle & Burroughs, LLC is a corporate law firm that counsels middle-market executives and business leaders all over Ohio and beyond. With offices in Cleveland, Akron and Canton, Ohio, Buckingham offers clients sophisticated and practical legal services. Serving the region for more than 100 years, Buckingham’s mission is to deliver meaningful experiences through the practice of law, exceed expectations in terms of service, counsel and business sense, and to offer continuous value to the industries, communities and clients they serve.

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.5

290 Ratings

Excellent

169

Very Good

91

Average

28

Poor

1

Terrible

1

JB

Jeffrey Beardsley, EA

Aug 5th, 2021

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.

NW

Nadine Wagner-bartak, EA

Aug 5th, 2021

I really enjoyed this course. It was the right amount of time for the material and I found it very informative.

RC

Rachel Cua, CPA (US)

Jun 15th, 2022

Great instructor! Explanations and additional background information to build on concepts were great.

DL

Davis Le, CPA (US)

Sep 28th, 2021

Very useful information with some important pitfalls and items to consider and work around

CM

Charles Masters, CPA (US)

Dec 28th, 2021

perfect length - great summary without beating it to death

State Taxation of Pass-Through Entities CPE

FREE

1 Credit

Subject Area

Taxes

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