CPE Course Information
|Course Title:||Pass-Through Entity Taxes (PTET) - Hacking Through with a Machete - State Sponsored - 1 hour|
|Description:||Reaching into IRS’s pocket to avoid the SALT deduction cap is a great idea. However, it’s not a great idea every time. Tune into our new course to put yourself into the driver’s seat as to whether to elect PTET or not. It’s a jungle out there. Tax practitioners are expected to hack through it. The Tax Cuts Jobs Act (TCJA) severely limited the income tax deductibility of state and local taxes. In response, state legislatures enacted workaround legislation: state and local Pass-Through Entity Taxes (PTET). Ta-da! PTET taxes paid at the pass-through entity (partnership or S Corporation) (PTE) level magically become deductible above-the-line as trade or business expenses. Yet, at the same time, such taxes (in most cases) credit against the PTE owner’s individual income tax liability. So, what could possibly go wrong? Join us to find out in what circumstances making a PTET election is a great idea and when it is a disaster. Highlights: Survey of the 46 jurisdictions with PTET legislation and the six that don’t (yet) (4 states new in 2023 and at least 3 more expected), Do’s and don’ts on making the PTET election, Seven (at least) reasons to not make a PTET election, Upsides and downsides of it all – Checklists, checklists, checklists, Two tier analysis as to whether to elect: The thinking process, Timing, timing, timing – Cash vs. accrual and all the hoopla over deducting PTET in a prior year Sticky wickets in the event of S Corps, trusts (or estates) or C Corps as owners of PTEs, Risk of making PTET election: Double state taxation, No second chances on making a PTET election: Except for states that allow amended returns, Tax benefit rule and whether refunded PTETs are taxable, PTEs operating in multiple states: Let the excitement begin, Special basis adjustment issues for state vs. fed SALT deductibility through 2025, AMT and whether PTETs are permanent, Introductory thoughts on presenting PTET on financial, statements , A keen look at existing guidance from IRS and the likely future of it all.|
|Speaker:||Bradley Burnett, J.D., LL.M.|
|Sponsor:||PSTAP - State|
|Number of Days:||1|
|CPE Credits:||1 Credits Tax (Federal)|
|Start Time:||8:30 a.m.|
|End Time:||9:30 a.m.|
|PSTAP Member Rate:||35.00|
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