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December 2018 » The IRS Shutdown of SALT Deduction...
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Corey L. Rosenthal, JD, and Annie Yang, CPA
The Tax Cuts and Jobs Act of 2017 (TCJA) included a $10,000 cap on state and local tax (SALT) deductions. That cap has led New York and other states with high taxes to attempt to mitigate the impact of the limitation. As several states have moved to enact their own workarounds to this cap, the U.S. Treasury Department and the IRS have responded by issuing proposed regulations with the clear purpose of challenging or shutting down the state efforts. Given the evolving legal complexity that has arisen from this federal-state struggle, CPAs need to be vigilant and aware of the interplay between state-level efforts and new federal regulations in order to properly advise clients on the alternatives.
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