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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Corporate Tax

Date & Time
  • event Date

    Tuesday, January 24, 2023

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

$247.00
CPE
ALL

This webinar will highlight the many tax benefits available to seniors in the 50 states for tax practitioners preparing returns for older taxpayers. Our panel of state tax experts will explain retirement exclusions, property tax exemptions, and unique credits offered in specific states for tax practitioners preparing multistate returns.

Faculty

Jonathan Weinberg
Principal
Withum Smith + Brown, PC

Mr. Weinberg has extensive experience with income/franchise tax, sales and use tax, real estate transfer tax, and individual income tax residency and domicile issues.

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Barry H. Horowitz
Partner
Withum Smith + Brown, PC

Mr. Horowitz has over 30 years of professional accounting experience and is the Team Leader of the Firm's Tax Services State and Local Tax Group. He advises clients in residency and nexus issues, entity level taxes, sales and use taxes, and other business and personal tax matters. He also counsels clients in strategic planning, transaction reviews, risk assessment, tax law compliance and corporate restructuring. He often provides in-depth lectures and learning sessions on key state and local tax issues. He was formerly an appointed member of the Commissioner’s Advisory Council for both the NYS Department of Taxation & Finance and the NYC Department of Finance.

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Description

All 50 states offer some tax benefits to seniors. Many states exempt taxation of retirement income, while others provide a partial exclusion. While California taxes 401(k)s, IRAs, and government and private pensions, Georgia, for example, allows a $35,000 subtraction for taxpayers aged 62-64 and a $65,000 subtraction of retirement income for taxpayers 65 years of age or older.

Twelve states, including California, New York, and Washington, do not tax Social Security benefits. Nevada, Tennessee, and Texas are states with no income tax that would eliminate taxes on retirement income; however, these states often have higher property and other taxes.

In addition to income taxes, all states offer property tax relief for seniors. Many states allow increased exemptions, while others offer property tax credits. Propositions 60 and 90 in California allow persons older than 55 to sell their residences and move without a significant increase in property taxes.

Besides the obvious credits, many states offer unique tax savings opportunities for seniors. Among New York's credits are a credit for purchasing a defibrillator and a nursing home assessment credit. Tax practitioners preparing returns for seniors need to be aware of the tax benefits states offer for older Americans.

Listen as our panel of SALT experts reviews income, property, and other deductions and credits available to reduce taxes paid by retirees.

Outline

  1. State Estate and Inheritance Taxes
    1. Residency Issues
  2. State Taxation/Exemption of Social Security Income
  3. State Taxation of Qualified Deferred Compensation and Pensions
    1. 4 USC Sec. 114 – only resident state can tax qualified deferred compensation/pensions
    2. State exemptions for 401K and pension income
  4. State Taxation of Non-Qualified Deferred Compensation
    1. No state exemptions for non-qualified deferred compensation
    2. State where the individual worked can tax non-qualified deferred compensation regardless of resident status
      1. Multi-year sourcing
      2. Issues with income streams from intangibles created while a resident
      3. Special Accrual Rule
  5. State Taxation on the Sale of a Business
    1. Sale of S or C Corp Stock
    2. Sale of a Partnership or LLC Interest
    3. Asset Sale
    4. Special Accrual Rules
  6. State Property Tax Exemptions for Seniors

Benefits

The panel will cover these and other key issues:

  • How Propositions 60 and 90 can save seniors significant tax dollars
  • Unique state credits available in New York for retirees
  • Retirement exclusions available in specific states
  • How states tax Veterans' retirement income
  • Property tax exemptions and credits available in certain states

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify states with no income tax
  • Decide how Propositions 60 and 90 reduce property taxes for seniors
  • Determine specific credits available in New York for older taxpayers
  • Ascertain which state's tax rates are most favorable for older people

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of SALT taxation, nexus and apportionment as it applies to multi-state businesses.

Strafford Publications, Inc. 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 Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.