21CF-TAXX: MNCPA Tax Conference (TAX21) (Virtual Only)
O2. Understanding the New State Pass-Through Entity Tax Regimes: Planning and Potential Pitfalls
Speaker:
Iris Chung
,
John Gupta
Wed, 10:55 am - 12:10 pm
Since the Tax Cuts and Jobs Act brought about a $10,000 limitation on individual state and local tax deductions (aka the SALT cap), twenty states have adopted new pass-through entity (PTE) tax regimes, shifting the incidence of tax from the owner to the entity. These “workarounds” challenge even experienced tax advisers due to their widely varying rules, qualifications, procedures and interconnected multistate and federal tax impacts, creating the potential for unanticipated results. To make smart entity selections, you must understand the PTE regimes in the home state and any other states in which the entity operates. Explore the background of these new PTE tax regimes. Gain guidance on the important considerations PTE owners should consider -- both state and federal -- when making an election.
NASBA field of study: Taxes - Technical (1.5)
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