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Federal and State Tax Implications of PTET: Unpacking State Differences

FEDERAL AND STATE TAX IMPLICATIONS OF PTET: UNPACKING STATE DIFFERENCES

Cost $10.00
Presentation Length 1.0 hour

Recorded DateMay 25, 2022
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelIntermediate
Course Description

The pass-through entity tax (“PTET”) elections implemented throughout 25 states (and counting) is creating havoc among tax professionals.  The unique application of PTET elections in every state could lead to unintended state tax and cashflow implications.  In today’s session, we will unpack some of the major differences in the various state PTET elections, highlighting a select group of states.

Learning Objectives:


  • Recognize PTET programs in select states, including New York, New Jersey, California, and Colorado

  • Evaluate key differences when reviewing PTET state elections, including the timing of the election and whether the state is providing a PTET credit or income exclusion

  • Identify how to better advise clients on their PTET elections for the 2022 taxable year, in order to maximize tax efficiencies and limit cash outflow

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Lynn Mucenski-Keck

WithumSmith+Brown, PC
National Lead, Federal Tax Policy at Withum
lmucenskikeck@withum.com
5853130146

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Lynn has over twenty years of experience in the accounting industry specializing in federal domestic and international tax planning for businesses, pursuing optimization to maximize cash impact. In her pervious firm, she helped initiate, establish, and co-lead the PPP & More Consulting team for purposes of disseminating information internally and externally regarding the Families First Coronavirus Response Act, CARES Act, Consolidated Appropriations Act, 2021, and American Rescue Plan Act. This included leading multiple external webinars with over 3,000 participants, writing client alerts, as well as conducting internal trainings and the creation of standard PPP debt forgiveness and ERC reports. Lynn received her Bachelor of Science degree in Accounting from St. John Fisher College and a Master’s in Taxation from the University of Denver. She is a CPA, licensed in New York and a member of the American Institute of Certified Public Accountants. Most recently, Lynn was appointed as a Forbes Tax Contributor in February of 2021.

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Jeremias Ramos is a tax manager in Withum's National Tax Group. Jeremias is also the Editor-in-Chief of The Daily CPA, a blog focusing on tax, accounting and finance topics for young professionals. He enjoys helping his peers in the millennial CPA world break down complex tax tasks into step-by-step processes. Follow him on LinkedIn or at TheDailyCPA.com.

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Jason Rosenberg is a Team Leader of Withum’s State (SALT) Income and Franchise Tax Service Line. With over 12 years of state and local tax experience, Jason focuses on all areas of multistate income and franchise taxes. He has significant experience serving clients in manufacturing, retail, life sciences, financial services, technology, and other service industries.

Jason’s SALT practice areas include state tax planning, nexus considerations, income tax accounting (i.e. ASC 740 provision), group filings (i.e. combined), state apportionment/sourcing, tax base modification rules, unitary taxation, due diligence, and credits & incentives. In addition, he performs state and local tax reviews designed to identify potential refund claims, prospective opportunity filings, and mitigation of tax exposures. Jason also assists clients with providing controversy services, including audit defense representation, delinquency settlements, ruling requests, and voluntary disclosure agreements.

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Zhoudi Tang, CPA, MST, is a State and Local Tax Manager at WithumSmith&Brown, PC. He has experience assisting individuals, businesses to comply with Federal, State and Local regulations. He advises clients with respect residency, nexus and apportionment issues with a focus on income and franchise taxes. Mr. Tang’s industry expertise includes closely held and family businesses. Mr. Tang received his Masters from Zicklin School of Business, Baruch College. He is a CPA in New York and a member of the New York State Society of Certified Public Accountants (“NYSSCPA”). He is an active member and the current chair of the NYSSCPA’s New York, Multistate and Local Tax Committee. He was a contributor to New Jersey CPA Magazine. 
 

About Our Presenter

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Withum is a forward-thinking, technology-driven advisory and accounting firm, committed to helping clients be more profitable, efficient and productive in the modern business landscape. With office locations in major cities and financial centers across the country, and as an independent member of HLB, the global advisory and accounting network, Withum serves businesses and individuals on a local-to-global scale. Our professionals provide the expert advice and innovation solutions you need to Be in a Position of StrengthSM in today’s fast-paced, tech-driven world.