Overview

How Pass-Through Entities Can Avoid the State and Local Income Tax Deduction Limit

The Tax Cuts and Jobs Act (TCJA) limits the deduction on state and local income taxes paid — to $10,000 per taxpayer per year. As many small business owners spend well more than that in any given year, they are desperate for something to help avoid this tax increase.

Help may be here!

The IRS has sweetened the pot, allowing states to assist small business owners to avoid this strict limitation from the TCJA. The result is, more than 20 states have created a work-around so that pass-through entities can pay their state income taxes at the entity level, which allows small business owners to avoid the $10,000 limitation.

But there are some deadlines looming. Miss them and you miss a year of potential tax savings.

Join us for this 60-minute session and learn more about what you need to do in the next few weeks:

  • Benefits of making a pass-through entity election
  • How pass-through entity elections are made
  • Connections to the TCJA and the proposed Build Back Better plan
  • Upcoming deadlines (including a looming one March 15 in New York State)

Speakers

Mary Jo Dolson, Partner, Tax & Business Services | Marcum LLP
Josh Stein, Senior Manager, Tax & Business Services | Marcum LLP

CPE CREDITS

Program Description Tax Cap Assistance
Important Notice Regarding CPE:
Learning Objectives
  • Benefits of making a pass-through entity election
  • How pass-through entity elections are made
  • Connections to the TCJA and the proposed Build Back Better plan
  • Upcoming deadlines (including a looming one March 15 in New York State)
Instruction Delivery Method Group Internet Based
Recommended CPE Credit 1 Hour
Recommended Field of Study Taxation
Prerequisites None
Program Level Intermediate
Advance Preparation None
Cancellation Policy You may cancel your registration at any time prior to the event.
Complaint Resolution Policy For more information regarding refund, concerns and program cancellation policies, please contact our offices at flo.federman@marcumllp.com.

Marcum LLP is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.