AB 150: PTET SALT Cap Workaround

Icon_Webcast
Webcast
Icon_Level
Basic
Credits
CPE Credits
2 Credits: Taxes

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 passthrough entities in order to minimize the impact of the limitation. For taxable years 2021 through 2025 AB 150 allows qualified passthrough entities to pay and deduct a passthrough entity tax. Taking advantage of this workaround can help your clients reduce their federal tax liabilities. However, there are limitations that may affect the utilization of this credit on their personal California state income tax returns. Your clients are asking if they should consent or not consent to the Passthrough Entity Tax election. Should they?

Learning Objectives

Upon completing this course, participants will be able to:

  • Identify qualified passthrough entities
  • Figure out the timing issues regarding electing and paying
  • See how the limitations to the utilization of the PTET Credit may affect your clients
  • Which clients cannot take advantage of AB150
  • Learn about potential changes to AB150.

Course Specifics

Course ID
WC1822275509
Revision Date
February 18, 2022
Prerequisites

None

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01979-22-O
IRS Federal Tax Law Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1716
CTEC Federal Tax Law Credits: 2

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registeration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board.

Course Instructor

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

Mr. 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 practice since 1986 and enjoys helping his clients reach their financial goals. He frequently speaks on tax and financial planning topics to tax professionals, financial advisors, and the general public nationally. Mr. Pon received his BS in Business Administration with emphases in Accounting and Finance from the University of California, Berkeley and MS in Taxation from Golden Gate University in San Francisco.

AB 150: PTET SALT Cap Workaround

CPE CREDITS
2 Credits: Taxes

$119.00


Webcasts are available for viewing Monday - Saturday, 8am - 8pm ET.
This webcast is 2 hours in length so you must start it before 06:00 pm ET.
Start within 3 hour(s) and 56 minutes to watch today.

Icon_Webcast
Webcast
Icon_Level
Basic
Credits
CPE Credits
2 Credits: Taxes

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 passthrough entities in order to minimize the impact of the limitation. For taxable years 2021 through 2025 AB 150 allows qualified passthrough entities to pay and deduct a passthrough entity tax. Taking advantage of this workaround can help your clients reduce their federal tax liabilities. However, there are limitations that may affect the utilization of this credit on their personal California state income tax returns. Your clients are asking if they should consent or not consent to the Passthrough Entity Tax election. Should they?

Learning Objectives

Upon completing this course, participants will be able to:

  • Identify qualified passthrough entities
  • Figure out the timing issues regarding electing and paying
  • See how the limitations to the utilization of the PTET Credit may affect your clients
  • Which clients cannot take advantage of AB150
  • Learn about potential changes to AB150.

Course Specifics

Course ID
WC1822275509
Revision Date
February 18, 2022
Prerequisites

None

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01979-22-O
IRS Federal Tax Law Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1716
CTEC Federal Tax Law Credits: 2

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registeration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board.

Course Instructor

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

Mr. 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 practice since 1986 and enjoys helping his clients reach their financial goals. He frequently speaks on tax and financial planning topics to tax professionals, financial advisors, and the general public nationally. Mr. Pon received his BS in Business Administration with emphases in Accounting and Finance from the University of California, Berkeley and MS in Taxation from Golden Gate University in San Francisco.

AB 150: PTET SALT Cap Workaround

CPE CREDITS
2 Credits: Taxes

Webcasts are available for viewing Monday - Saturday, 8am - 8pm ET.
This webcast is 2 hours in length so you must start it before 06:00 pm ET.
Start within 3 hour(s) and 56 minutes to watch today.

$119.00