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September 29, 2021
2021-1759

Law firm clients: Plan to attend 'The new elective state pass-through entity taxes - a survey of the latest developments' (October 4)

Law firm clients should plan to attend this EY webcast: "The new elective state pass-through entity taxes — a survey of the latest developments," on Monday, October 4, 2021, 2:30 pm - 3:30 pm (EST).

Following the release of Notice 2020-75, announcing the IRS's intention to issue regulations on the deductibility of certain state and local tax payments by partnerships and S corporations (see Tax Alert 2020-2690), many states have enacted, or are considering enacting, similar entity-level pass-through entity (PTE) taxes. During this webcast, EY panelists will:

  • Provide an overview of various enacted or proposed state PTE-level taxes
  • Discuss the US federal income tax considerations of a state PTE tax election
  • Compare the many different state PTE-level taxes, focusing on the states that created an entirely new tax
  • Discuss the ways these new state PTE tax laws mitigate the imposition of the two levels of tax through credits or income exclusions
  • Address the problems multistate PTE owners may face with the "other state tax credits" or "resident tax credits" in their home states for PTE taxes paid to nonresident states
  • Examine Law Firm sector issues and considerations of these state PTE taxes

Register for the webcast here (or use this URL: https://broadcaster-audience.mediaplatform.com/#/event/611bd54029e7f8036c30e752).

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Contact Information
For additional information concerning this Alert, please contact:
 
Law Firm Industry practice
   • Shelby Saad-Callahan (shelby.saadcallahan@ey.com)
   • Jon Spisto (jon.spisto@ey.com)
 

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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