State and Local Tax Implications of Tax Reform

The new tax bill has a significant impact on individual and business taxation. To evaluate the state tax implications of federal tax reform, tax counsel and advisers must understand the federal tax law changes, the items of concern for state and local governments, and the various state legislative initiatives in response to the new federal law.

Provisions within the newly enacted federal tax bill are sending legislators and regulatory authorities scrambling for options to allow individuals and businesses within state borders to maintain tax benefits despite restrictions in the current federal tax law. Notable changes to federal tax law such as the loss of the federal deduction for state and local income taxes, limits on state property tax deductions, and deemed repatriation of earnings and profits, creates a lack of conformity with the federal tax law by some states.

Most states adopt the Internal Revenue Code, but approach conformity differently based on state interests. These conformity issues can vary by state, leaving some states scrambling to prevent taxpayer windfalls while other states see a spike in tax revenue.

Listen as our panel provides guidance on provisions of the new tax bill and the impact on state taxation, the latest legislative developments and best practices in dealing with state tax reform.

1. Key provisions of federal tax law impacting state corporate and individual taxation
2. Issues in evaluating conformity with new federal tax law
3. Update on state legislative developments in response to tax reform
4. Best practices in advising and preparing taxpayers for the state implications of tax reform

The panel will review these and other critical issues:

• Practical strategies for analyzing the impact of federal tax reform on the various states;
• The impact of deemed repatriation, GILTI, FDII, and other tax reform provisions on state taxpayers;
• The state tax compliance issues created by federal tax reform.

Learning Objectives

After completing this course, you will be able to:

• Ascertain the Tax Cuts and Jobs Act’s impact on both federal and state taxation.

• Determine the new repatriation provisions requirements when controlled foreign corporations repatriate earnings and profits.

• Distinguish the impact that the new tax law will have on federal and state taxation and recognize how the federal law will impact state tax.

• Identify the key international tax reform provisions impacting U.S. corporations and other entities.

• Recognize how the new tax law impacts individual taxpayers, including the elimination of long-standing deductions.

• 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, public firm or other tax experience at mid-level within an organization, preparing complex tax forms and schedules. Specific knowledge of both federal and state taxation of business entities and individuals, federal and state tax deductions, repatriation of foreign earnings and profits and laws pertaining to controlled foreign corporations; familiarity with interaction of federal and state tax laws, business expensing, net operating losses, and pass-through entity taxation.

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.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).