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 PBMares’ John Given, CPA, Tax Manager, and Sam Baker, CPA, Senior Tax Manager.
Pass-Through Entity Tax: A New Frontier in State Taxation
Wednesday, December 7, 2022