Nearly every state with a state individual income tax has now enacted a state Pass-Through Entity Tax (PTET) election. Designed to allow individuals who have PTEs a mechanism to “work around” the $10,000 SALT cap enacted by the TCJA, the PTET elections are complex. The compliance burdens of PTEs can be daunting and confusing, especially for those taxpayers involved in multistate activities. In this self-study webinar, an expert panel will bring you up to speed on:
- How to determine whether your company is a candidate for state PTE elections
- New developments for the current tax year
- The compliance process: state requirements, estimated payments—and who qualifies
-
Best practices for simplifying the process
...and much more
To provide tax professionals with an update on state pass-through entity tax elections (PTETs) and considerations.
SPEAKERS:
Mary Jo Dolson, State & Local Tax Partner, Marcum LLP
Jill Scher, Business & Tax Services, Marcum LLP
Elil Shunmugavel Arasu, State & Local Tax Managing Director, BDO
- Federal Regulations
- Legislative Actions
- State PTE Tax Elections
- Electronic Elections, Reporting & Transactions (Filing, Payment, etc.)
- Required Documentation
- PTE Tax Base
- Guaranteed & Estimated Payments
- Tax Benefits
- State & Resident Tax Payments
• Recognize the effect of the SALT deduction limitation on individual taxpayers residing in high-tax states
• Recognize the impact of IRS Notice 2020-75 on state legislatures in reference to the SALT deduction limitation
• Identify the trends in states’ approach to their pass-through entity (PTE) tax structure
• Identify specific state PTE tax legislative characteristics
• Recognize PTE tax consideration variables common to all states