Pen to Paper PTET for Form 1065 & Form 1120-S
Author: Jane Ryder
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 to receive credits. 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.
Publication Date: September 2024
Designed For
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
- Describe the fundamentals of PTET elections and the federal tax savings
- Describe valuable tax planning and tax plan timing schedules for PTET clients
- Describe how to correctly report a PTET payment on the federal K-1 for partners and S corp shareholders
- Identify our entity PTET chart for evaluating individually owned businesses and rentals for PTET
- Recognize how to evaluate tax professional exposure working with PTET elections and missed opportunities
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
