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About This Webinar
TCJA limited deductibility of state and local taxes. States implemented pass-through entity tax legislation to allow a method to avoid the SALT limitation. These taxes shift the state income tax to the PTE and away from the PTE’s owners. To avoid penalties, taxpayers should have sufficient withholding or make timely estimated tax payments. Income taxes are a pay-as-you-go system which means that either an employer or the taxpayer is required to withhold tax on income as earned or received. Tax practitioners find themselves in a position of being sought for advice on a myriad of tax topics. It is not uncommon for a tax practitioner to have a client come to them and say, “I have recently had a passing in the family. Now what do I do? Tax practitioners can provide an invaluable service to such clients by helping them navigate this process, but attorneys also need to be involved.

It has been said that the study of ethics “allows you to cultivate inner peace.” A practitioner’s failure to be impartial to any and all engaged parties can lead to potential conflicts of interest. There is sparse information in Circular 230 concerning practitioner/client communications. So how can we best communicate with clients and the IRS? Finally, firms that are focusing on a specialization should consider the competence and compliance with practice procedures in their practices if they are going to prepare income tax returns.
IRS Provider #0FY01 & NASBA Sponsor ID #103026.
Agenda
  • Pass-Thru Entity (PTE)
  • Distributing Deceased Taxpayer Assets
  • Ethics
Presenters
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Randall R Carlson, Clay Center, KS
President, Enrolled Agent
As president of Professional Tax Institutes, Inc., Randy has been in public practice for 40 years. He is a graduate of Kansas State University. He is also enrolled to practice before the IRS and holds all four ACAT credentials. Randy is a managing director at Sink, Gordon & Associates, LLP in Manhattan, KS, as well as the office manager of the firm’s branch in Clay Center, KS.
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Ronald D Powell, Ocean Isle Beach, NC
Enrolled Agent, Webinar Host
Ron is a graduate of East Carolina University, BA and a graduate of Webster University, MA summa cum laude. He has more than 24 years of experience in accounting and tax preparation. He is enrolled to practice before the IRS and has been presenting continuing education programs for over 15 years.
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