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IRS Issues Proposed Guidance on Controversial SALT Limitation

SALT

The new tax law limits deductions for state and local taxes. To bypass this limitation, some states have approved charitable contribution “workaround” legislation.

In recent weeks, the IRS has issued a series of proposed regulations¬†to help clarify provisions of the Tax Cuts and Jobs Act (TCJA). One of the most controversial parts of the law is the limit on individuals’ deductions for state and local taxes (SALT) that goes into effect this year. Read more