Pass Through Entity Tax (PTET) Work Around the SALT Cap and California Business Tax Credits

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Course Description
Course Qualification
Presenter
FAQ

Course Description

Overview

SALT deduction cap workarounds

3 mins
Different state PTE wrkarounds

14 mins
Tentative minimum tax

25 mins
State tax firm

48 mins
Other California considerations

63 mins
Sale of stock when NR

80 mins

Course Description

The TCJA imposes a $10,000 limitation for deducting state and local taxes. California has finally joined a growing list of states that have implemented a workaround using pass-through entities in order to minimize the impact of the limitation.

For taxable years 2021 through 2025 AB 150 allows qualified pass-through entities to pay and deduct a pass-through entity tax. AB150 also increases funding for various business tax credits and additional stimulus payments.

All flow-through entities that are qualified entities can elect to pay the CA PTET. Flow-through entities include S corporations, limited liability companies, limited liability partnerships, or limited partnerships (hereinafter “qualified entities”). General partnerships also meet the qualifications for the CA PTET election. Stand-alone disregarded entities and corporations are precluded from electing to pay the tax, but having such entities as partners/shareholders do not preclude an otherwise qualifying entity from being able to elect into paying the CA PTET.

Your clients are asking if they should consent or not consent to the Passthrough Entity Tax election. Should they?

Find out in this IRS Approved CPE/CE tax webinar as Lawrence Pon will cover the following major topics:

Pass-through entity tax election
Pass-through entity tax calculation
Pass-through entity tax payments
Pass-through entity tax credit

Learning Objectives

To Identify qualified pass-through entities.
To explain the timing issues regarding electing and paying.
To describe how to apply this new law to our clients.
To discuss which clients cannot take advantage of AB150.
To review the business tax credits and stimulus payments from California.

Recommended For

The IRS-approved CE course is recommended for CPAs, EAs, CTECs, AFSPs, and Tax Professionals practicing in California or engaged in advising clients in California.

Who Should Attend?

Annual Filing Season Program
California Registered Tax Professional
CPA (Industry)
CPA - Mid Size Firm
CPA - Small Firm
Enrolled Agent
Maryland Tax Preparers
Oregon Tax Preparers
Tax Firm
Tax Managers
Tax Practitioners
Tax Preparer
Tax Professionals
Young CPA

Course Qualification

Webinar Qualifies For

2 General Credit for Accountant/Bookkeeper (ACCT./BK)
2 CE Credit of Federal Tax Law Update for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0764)
2 CE Credit of Federal Tax Law Update for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-U-00821-21-S)
2 CE Credit of Federal Tax Law Update for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-U-00821-21-S)
2 CE Credit for Annual Filing Season Program (AFSP)
2 CE Credit of Federal Tax Law Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-00821-21-S)
2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
2 CE Credit for Certified Wealth Strategist (CWS)
2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)

Additional details

Course Level :

Basic
Credits :

2
Instructional Method :

QAS Self Study
Pre-requisites :

None
Advance Preparation :

None

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

Lawrence Pon, CPA/PFS, CFP, EA, USTCP, AEP

Owner, Pon & Associates

Lawrence Pon is a Certified Public Accountant, Personal Financial Specialist, Certified Financial Planner, Enrolled Agent, United States Tax Court Practitioner, and Accredited Estate Planner in Redwood Shores, CA

Mr. Pon has been in tax practice since 1986 and speaks regularly to tax professionals and financial advisors on the latest tax planning and preparation topics.

Mr. Pon enjoys helping his clients reach their financial goals through comprehensive tax planning and financial planning.

Mr. Pon received his BS in Business Administration (Accounting & Finance) from UC Berkeley and MS in Taxation from Golden Gate University in San Francisco.

About Company

Pon & Associates

www.larryponcpa.com/

We believe in the value of relationships. We view every client relationship like a partnership, and truly believe that our success is a result of your success. We are committed to providing close, personal attention to our clients. We take pride in giving you the assurance that the personal assistance you receive comes from years of advanced training, technical experience and financial acumen.

We provide a variety of services including:

Income Tax Preparation for all types of businesses, individuals, trusts, and estates.
IRS and State Audit Representation
Financial Planning
Estate Planning and Preparation
Business startup services including Business Planning
Tax Planning and Consulting
Charitable Planning

Our continual investment of time and resources in professional continuing education, state-of-the-art computer technology and extensive business relationships is indicative of our commitment to excellence.

Faq

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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.
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