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July 12, 2021
2021-1323

Attend this week's Tax webcasts

Thursday, July 15. The new elective state pass-through entity taxes: A survey of the latest developments, 1:00 p.m. ET.  The 2017 federal Tax Cuts and Jobs Act imposed a $10,000 annual limitation on the amount of state and local taxes (SALT) individuals can deduct in computing federal income taxes (the “cap”). As a workaround to the cap, some states, starting with Connecticut in 2018, enacted new taxes on PTEs that shifted the direct burden of PTE taxation from the owners to the entities and provided a credit against or an exclusion of the distributive share of PTE income subject to such tax from the related direct state income taxes on the owners. In response to a perceived ambiguity as to whether the IRS would respect the SALT cap workarounds, in November 2020 the US Treasury Department issued Notice 2020-75. Following the release of Notice 2020-75, many states have enacted, or are considering enacting, similar entity-level PTE taxes. Please join EY professionals to discuss the issues around new elective state pass-through entity taxes. Register.

Friday, July 16. Tax in the time of COVID-19: update on legislative, economic, regulatory and IRS developments, 12:00 p.m. ET. COVID-19 and the resulting economic crisis have made reacting to tax developments more complicated than ever. Join us for the next webcast in our series as we discuss how businesses can navigate the tax policy environment and continue to effectively operate their tax function in this time of crisis and change. Register.

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

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