Christine Hradsky No Comments

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

Christine Hradsky No Comments

Will States Conform to the New Tax Rules?

State Tax Rules

Federal tax laws traditionally serve as the basis for many state tax laws. Here are some key provisions of the new law that must be addressed and how each change might affect your state tax bill.

Many state legislatures are now in session. A major issue that state lawmakers may currently face is whether to conform their state income tax systems to all the changes included in the Tax Cuts and Jobs Act (TCJA). Some states are considering or have adopted legislation to address the following key provisions of the new tax law. Read more

Christine Hradsky No Comments

How the New Limit on SALT Deductions Affects Homeowners

Homeowners

The new tax law limits state and local deductions that homeowners can claim.

 The ability to deduct state and local taxes (SALT) has historically been a valuable tax break for taxpayers who itemize deductions on their federal income tax returns. Unfortunately, the Tax Cuts and Jobs Act (TCJA) limits SALT deductions for 2018 through 2025. Here’s important information that homeowners should know about the new limitation. Read more