Originally Published

Mid-year Webinar Series | November 2, 2021

Speaker

Larry Pon, EA

Description

The TCJA imposes a $10,000 limitation for deducting state and local taxes. California has finally joined a growing list of states that have implemented a workaround using passthrough entities to minimize the impact of the limitation.

For taxable years 2021 through 2025 AB 150 allows qualified passthrough entities to pay and deduct a passthrough entity tax. AB 150 also increases funding for various business tax credits and additional stimulus payments.

Learning Objectives

• Identify qualified passthrough entities

• Figure out the timing issues regarding electing and paying

• Apply this new law for our clients

• Which clients cannot take advantage of AB150

• Review the business tax credits and stimulus payments from California

Learning Level

Basic

Prerequisites

None

Advance Preparation

None

CE Credits

IRS/CTEC: 2 hours California Tax

Refund Policy

No refunds will be granted for self-study courses.