Pen to Paper PTET for Form 1065 & Form 1120-S

NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card

This course presents the mechanics of reporting PTET for federal tax purposes on business returns. PTET offers a federal tax deduction for partners' and shareholders' state taxes on pass-through income. And lowers federal AGI which may increase rental losses, QBI deductions, tuition credits and more. We'll also cover valuable tax planning moves including critical tax planning timing to maximize benefits from PTET. Missing a PTET election can result in increased exposure for tax preparers also.

Who Should Attend
Tax practitioners with business clients filing Form 1120-S and Form 1065.

Topics Covered

• IRS Notice 2020-75
• Form 1120-S and Form 1065 PTET reporting
• Different state treatment of PTET elections
• Tax planning for PTET
• Tax practitioner exposure for failing to advise clients of PTET opportunities

Learning Objectives

• Understand the fundamentals of PTET elections and the federal tax savings
• Develop valuable tax planning and tax plan timing schedules for PTET clients
• Correctly report a PTET payment on the federal K-1 for partners and S corp shareholders
• Receive our entity PTET chart for evaluating individually owned businesses and rentals for PTET
• Evaluate tax professional exposure working with PTET elections and missed opportunities

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None