This is good tax news!  Designed to eliminate the adverse impacts of the $10,000 SALT cap for individuals, the Pass-Through Entity Tax (PTET) is an optional state income tax that Pass-Through Entity taxpayers may elect to use. The benefit is state income tax becomes deductible at the entity level thereby by-passing the limitations at the individual level.  These provisions can save individual taxpayers thousands of dollars in federal tax.  However, before deciding whether a PTET election is the right move, there are a variety of issues to consider.

Watch the recording below of our webinar featuring some of our SALT experts, including Lorilei J. Roberts, CPA, MSBA, CGMA, Director and State and Local Tax Team Leader, along with Sam Baker, CPA, Partner.

Pass-Through Entity Tax: A New Frontier in State Taxation
Wednesday, December 7, 2022

VIEW THE SLIDES FROM THIS WEBINAR

Be sure to consult with your financial advisor on this topic as individual situations may vary. The information contained in this webinar and any related materials are not intended to constitute legal, financial, or other professional services advice. The content is provided on an “as is” basis and PBMares makes no representations or warranties about the accuracy or sustainability of any information for your purposes. For any specific questions you may have, please reach out to the presenters or contact us.