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Live Webinar

100-minute live streaming program
  • July 18
  • 1:00 - 2:40 pm EST

State and Local Tax (SALT) Deduction Limits Under Tax Reform

July 18

Gain a better understanding on how to mitigate the impact of the tax reform law limitation on the deductibility of state and local taxes on a taxpayer’s federal income tax return.

This material examines the impact of the SALT deduction limitation under the Tax Cuts and Jobs Act (TCJA) at both the state and individual level. It will examine how states expect the limitation to impact their budgets as well as steps state legislatures and taxing authorities have taken in response, and look at the response at the individual level. How are residents of high-tax states affected by the SALT deduction limitation and what are they doing in response? Will we see a significant out-migration from high tax states? With this topic, practitioners and others will keep up-to-date on the effects of the TCJA at the state level and understand how states have responded. You will be able to identify what steps are effective for individuals who want to change their residency in reaction to the SALT deduction limitation.

Learning Objectives

  • You will be able to identify who is most affected by the limitation.
  • You will be able to differentiate how states tax domicile vs. statutory residency and why it matter.
  • You will be able to discuss how residents of high tax states are affected.
  • You will be able to review what types of state work-arounds have been enacted or proposed and whether they are likely to be effective.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

What Is the Salt Deduction and How Did It Change With the TCJA?
The Impact of the Salt Deduction Limitation on the States and Individuals
  • Does the Limitation Affect State Taxes and Budgets?
  • Who Is Affected by the Limitation and How?
Reactions at the State Level
  • Salt Deduction Work-Arounds
  • New Entity Level Taxes: New York's Employer Compensation Expense Tax, Connecticut's Pass-Through Entity Tax and Others
  • Other State Reactions
  • Is the Limitation Constitutional?
Reactions at the Individual Level: Should I Change My Residency to a Low Tax/No Tax State?
  • How Do States Tax Individuals as Residents: Domicile vs. Statutory Residency
  • What Does It Mean to Change My Residency?
  • Will My High-Tax State Let Me Leave?
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More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

Live Webinar Registration

  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • CPE 2.0 including Specialized Knowledge 2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 2.0 hours. Prerequisite: basic knowledge of taxation. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Specialized Knowledge and Applications for 2.0 hours.
     

Who should attend?

This live webinar is designed for accountants, CPAs, CFOs, controllers, tax managers, presidents, vice presidents, owners, real estate professionals, bookkeepers and enrolled agents.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Elizabeth Pascal

Elizabeth Pascal

Hodgson Russ LLP

  • Partner with Hodgson Russ LLP in its premier State and Local Tax (SALT) practice, focusing on New York State, New York City, Connecticut, and multistate tax issues
  • Represented numerous clients through state tax audits, with an emphasis on residency issues, employment taxes, and corporate and pass-through entity tax matters
  • Presented at numerous seminars and webinars on diverse state tax topics, including residency and nonresident allocation, telecommuting tax traps, multistate apportionment, as well as the state tax impact of the TCJA
  • Contributing author to the CCH Residency and Allocation Audit Handbook and Bloomberg BNA New York Corporate Income Tax Navigator, has published numerous articles in State Tax Notes, TaxStringer, and Tax Analysts, and is a frequent contributor to Noonan’s Notes blog
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 405857
Published 2019
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