Tax Planning for State PTET SALT Workaround (Completed)

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

This presentation covers critical tax planning moves related to timing of PTET payments to maximize tax savings. Also tax planning and solutions for taxpayers which may need to change entities to take advantage of PTET elections. And analysis of PTET tax savings opportunities for "large taxable events". PTET offers a federal tax deduction for partners' and shareholders' state tax and lowers federal AGI which may increase rental losses, QBI deductions, tuition credits and more.

Who Should Attend
Business and individual tax practitioners with clients who may benefit from PTET tax planning.

Topics Covered

• IRS Notice 2020-75
• PTET timing for tax planning
• Solutions for clients who may need to change entities to tax advantage of PTET elections
• PTET tax savings for large taxable events
• Reporting PTET elections on federal tax forms for lowered federal AGI
• Tax practitioner exposure for failure to advise clients of PTET opportunities

Learning Objectives

• Understand the valuable tax savings available by lowering AGI with PTET elections
• Develop valuable tax planning and tax plan timing schedules for your PTET clients
• Receive our entity selection & PTET chart for evaluating individually owned businesses and rentals for PTET
• Identify and provide PTET solutions for clients with "large taxable events"
• Consider your exposure as a tax professional to 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