January 20, 2022 8:00am – 11:30am Map & Directions 602-252-4144

Webcast: Arizona Passthrough Entity Tax and Arizona Small Business Income Tax (8-11:30)

Online registrations are currently closed, please call (602) 324-6847 for additional registration options

Description

The Arizona legislature in 2021 enacted bills creating two new income taxes that clients will actually want to volunteer to pay in many cases, the Arizona Small Business Income Tax (effective beginning with 2021 returns) and the Arizona Passthrough Entity Tax (effective beginning with 2022 returns). 

In this program we’ll look at both taxes, outlining why each one was enacted, how they can save clients either federal income taxes (the passthrough tax) or Arizona income taxes (the small business tax), and the requirements for taxpayers to make proper elections to have these taxes apply.

Location

ASCPA Live Online Webcast
Phoenix, AZ 85034-6617

Registration Time

7:30am

Fees

Member:
$160
Non-CPA Staff:
$210
Non-CPA Staff (100% club):
$160
Non-CPA Staff (sole proprietor):
$160
Non-Member:
$210
Webcast
Taxation
4

Objectives

 

Course Level

Advanced

Vendor

Kaplan Development Group More With This Vendor

Designed For

 

Prerequisites

None.

Event Leaders

Zollars, Edward K.

Rating: 4.87


Edward K. Zollars, CPA, is in public practice in Phoenix, Arizona as a partner with the firm of Thomas, Zollars & Lynch, Ltd. He has been in practice for more than 35 years, specializing in tax issues for closely held businesses and individuals.

Zollars has been professionally involved with both tax and technology issues, combining the two disciplines in producing the Current Federal Tax Development Update Podcast and website, dealing with current tax issues. He has been a member of AICPA Tax Division Committees focusing on tax and technology issues and was the Tax Section’s representative on three occasions to the AICPA’s Top Ten Technologies project. He is also a member of the Phoenix Tax Workshop’s Advisory Committee and currently serves on the Tax Legislation Liaison Committee for the Arizona Society of CPAs. Zollars was selected as a Life Member by the Arizona Society of CPAs in May, 2010.

Along with writing, editing and presenting courses for Loscalzo Institute, Zollars has written articles published in Practical Tax Strategies and the Tax Adviser. He has been a frequent contributor to a number of professional tax discussion groups, and served as systems operator on the AICPA’s Accountants Forum in the mid-1990s.

He has spoken regularly on tax and technology topics since 1996, speaking before conferences sponsored by the AICPA and a number of state societies of CPAs.


More With Zollars, Edward K.

Highlights

  • Proposition 208 - how its enactment created the impetus for enacting the Arizona Small Business Income Tax - and why, even if it is ruled unconstitutional, there’s still a place for Small Business Income Tax for at least one year.
  • Items of income (and related deductions) used in calculating the Small Business Income Tax.
  • How an election is properly made to become subject to the Small Business Income Tax and when an election is the optimal strategy.
  • IRS Notice 2020-75 and the state of Connecticut:  why we have seen states rushing to enact various taxes on passthrough entities and how they work around the individual limits on the deduction of state and local taxes.
  • The types of entities that may elect to be subject to the Arizona version of a passthrough entity tax.
  • Types of income that are/are not subject to Arizona’s passthrough entity tax.
  • Option for individual equity holders to have their share of income removed from the Arizona passthrough entity tax.
  • How the Arizona tax’s quirks will require modification of partnership/operating agreements and the risk to S corporations due to the one class of stock rule.
  • The Arizona tax credit for other states’ similar passthrough entity taxes that takes effect in 2022.

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