The Tax Cuts and Jobs Act (“TCJA”) imposed limitations on the amount of state and local tax (“SALT”) individuals (or pass-through business owners) may deduct for federal income tax. States have responded by enacting various workaround bills in an effort to mitigate the impact of the limitation. New York has recently enacted their own legislation to reduce the impact of the TCJA, which requires analysis and election into the program by October 15, 2021 for the current calendar year.

For this session we will be reviewing the New York pass-through entity tax election along with some of the different states own version of the pass-through entity tax, and discuss a number of different factors that may play a role when considering an election.

Speakers:  

• Jason Rosenberg, CPA, CGMA, EA, MST, Lead, State and Local Tax Income/Franchise Tax, Withum Smith+Brown
• Zhoudi Tang, CPA, MST, Manager, State and Local Tax Services, Withum Smith+Brown
• Michael Yarrow, CPA, CGMA, Partner, Withum Smith+Brown