On-Demand - 2024 February Solutions Room: Pass Through Entity Tax
IRS Program #: X9QQU-T-01107-24-S
CTEC #: 6257-CE-0274
CE: 1 IRS & 1 CTEC credit
Materials
CTEC #: 6257-CE-0274
CE: 1 IRS & 1 CTEC credit
Course Description
December 22, 2017 the Tax Cuts & Jobs Act (TCJA) passed and imposed a $10,000 limitation on the deduction of state and local taxes (SALT) for tax years 2018 through 2025.November 9, 2020 IRS issued Notice 2020-75, which announced rules regardingclarification that state and local income taxes imposed on and paid by Pass-Through Entities will be allowed as an ordinary and necessary deduction in computing its non-separately taxable income or loss for the taxable year of such payment. Hence, these payments will not be subject to the SALT limitations.
The course will present tax professionals with up-to-date valuable knowledge on this PTET and how these rules impact their clients who operate pass-through entities (PTE).
Learning Objectives
- Evaluate the provisions of Notice 2020-75.
- Analyze rules regarding specified income tax payments (SITPs).
- Importance of ensuring your PTE to advantage of PTET elections.
- Overview of what states do and do not have a PTET.
- Examine which entities can take advantage of these rules.
- Extrapolate how PTET can provide other tax savings.
Presenters
Allan (AJ) Reynolds, EA
A.J. has immense experience in various areas of taxation, which encompasses over 30 years. His practice centers on individual, business, and estate tax preparation. In addition, A.J. specializes in IRS audits, appeals, collections and other tax representations. He speaks for multiple organizations and brings his everyday “in the trenches” experience to assist attendees with real issues affecting tax professionals. A.J. started his tax career with a national CPA firm in San Diego, CA after proudly serving five years in the U.S. Navy.
A.J. has immense experience in various areas of taxation, which encompasses over 30 years. His practice centers on individual, business, and estate tax preparation. In addition, A.J. specializes in IRS audits, appeals, collections and other tax representations. He speaks for multiple organizations and brings his everyday “in the trenches” experience to assist attendees with real issues affecting tax professionals. A.J. started his tax career with a national CPA firm in San Diego, CA after proudly serving five years in the U.S. Navy.
Continuing Education
This course qualifies for IRS and CTEC Continuing Education Hours. NAEA reports IRS/CTEC CE on a monthly basis. If you have not received your CE Hours in your IRS PTIN Account by the end of the month after receiving the certificate, please contact NAEA at
education@naea.org. IRS Requirements for live webinars require at least 50 minutes per hour of attendance and answering 3 out of the 4 polling questions. For on-demand, you must watch the full video, answer the knowledge check, and pass the assessment with a score of 70% or above. No partial CE is offered.
Webinar Refund Policy
To request a refund, contact the NAEA education team via email at
education@naea.org. An NAEA education team member will review the request for a refund. If the refund request has been approved, the refund will be refunded on the same method of purchase. Live Webinars, also offered On-Demand will not be refunded.