CPAacademy.org | FEDERAL AND STATE TAX IMPLICATIONS OF PTET PART 2:

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Federal and State Tax Implications of PTET Part 2: Navigating Cashflow Issues

Part 2 of 2

Taxes

FEDERAL AND STATE TAX IMPLICATIONS OF PTET PART 2: NAVIGATING CASHFLOW ISSUES

Cost $30.00

CPE Credits 1.0 hour

Subject Area 1.0 - Taxes

CE Credits 0.0 hours

Course Level Intermediate

Instructional Method Group Internet Based

Prerequisites Attendees should have at least three years of federal or state income tax experience surrounding pass-through entities.

Advanced Preparation None

Who Should Attend Attorney
CFO / Controller
CPA - small firm
CPA - medium firm
CPA - large firm
Other

Series: Taxes

Course Description

The pass-through entity tax (“PTET”) elections implemented throughout 25 states (and counting) are creating havoc among tax professionals. While tax professionals patiently wait for federal PTET temporary regulations to be released, 2021 tax returns are quickly approaching the extended filing deadline. The unique application of PTET elections in every state could lead to unintended federal tax and cashflow implications. In this second segment of our two-part series, we will be highlighting the federal income tax implications that shouldn’t be overlooked when electing PTET.

Learning Objectives:

Recognize the implication of Notice 2020-75, including whether a PTET deduction has to be related to a trade or business, the ability to deduct paid versus accrued PTET payments, potential issues surrounding the allocation of the PTET federal deduction, and suggested K-1 reporting

Identify when state income tax refunds related to PTET tax credits will be included in federal gross income or be excluded from gross income under the tax benefit rule

Determine how to better advise clients on their PTET elections for the 2022 taxable year in order to maximize tax efficiencies and limit cash outflow

Part 1 is available here

Lynn Mucenski-Keck

WithumSmith+Brown, PC
National Lead, Federal Tax Policy at Withum
lmucenskikeck@withum.com
(585) 313-0146

Lynn has over twenty years of experience in the accounting industry specializing in federal domestic and international tax planning for businesses, pursuing optimization to maximize cash impact. In her pervious firm, she helped initiate, establish, and co-lead the PPP & More Consulting team for purposes of disseminating information internally and externally regarding the Families First Coronavirus Response Act, CARES Act, Consolidated Appropriations Act, 2021, and American Rescue Plan Act. This included leading multiple external webinars with over 3,000 participants, writing client alerts, as well as conducting internal trainings and the creation of standard PPP debt forgiveness and ERC reports. Lynn received her Bachelor of Science degree in Accounting from St. John Fisher College and a Master’s in Taxation from the University of Denver. She is a CPA, licensed in New York and a member of the American Institute of Certified Public Accountants. Most recently, Lynn was appointed as a Forbes Tax Contributor in February of 2021.

Jeremias Ramos, CPA

WithumSmith+Brown, PC
Tax Manager
jramos@withum.com
(732) 828-1614

Jeremias Ramos is a tax manager in Withum's National Tax Group. Jeremias is also the Editor-in-Chief of The Daily CPA, a blog focusing on tax, accounting and finance topics for young professionals. He enjoys helping his peers in the millennial CPA world break down complex tax tasks into step-by-step processes. Follow him on LinkedIn or at TheDailyCPA.com.

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