SALT Impacts of Federal Tax Reform (Completed)

Date: Wednesday, October 17, 2018
Instructor: Michael Bannasch
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Law for CTEC

The 2017 Tax Cuts and Jobs Act only directly affects Federal taxes, but nothing in the tax world is done in a vacuum. The Federal reform causes a ripple effect on state taxes as well, and this course will explore the impacts so that you can best advise your clients or your company as to what the default impacts are and, in some cases, how you can react in order to achieve a better result.

Who Should Attend
CPAs in public practice or in industry who are responsible for state income tax filings for corporations, pass-through entities and individuals.

Topics Covered

  • General overview of Federal tax reform topics with state implications
  • State reactions to IRC 965 transition tax and GILTI
  • State reactions to enhanced expensing and interest expense limitations
  • What to consider from a state perspective when examining entity selection under new Federal tax rate structures
  • Limitations on, and planning strategies for, the Federal itemized deduction limitation for SALT expenses
  • State reactions to IRC 199A Qualified Business Income deduction

Learning Objectives

  • Recognize the current status of clients or company based on how states have reacted to Federal tax reform
  • Identify planning opportunities at the state level to maximize tax savings as a result of Federal tax reform
  • Describe the impact of state nuances in entity selection

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Understanding of basic concepts of the 2017 Tax Cuts and Jobs Act. This course will not do a deep dive to explain the Federal implications of tax reform, but will presume attendees are familiar with these and instead will focus on the state implications of these Federal law changes.

Advance Preparation
None

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