In August 2018, the U.S. Department of the Treasury proposed a rule limiting the types of charitable contributions taxpayers are permitted to deduct on their federal income tax returns. This rule was a direct—and directed—response to tax laws recently enacted by high-tax states like New York and New Jersey in an effort...Read More
Jan 10, 2019 6:58:00 AM
Nov 6, 2018 9:34:00 AM
Nearly 90 percent of the 41 states that collect income taxes connect these state tax laws to various provisions in the federal tax code. Whether it’s using a taxpayer’s federal adjusted gross income as a starting point for state tax calculations or transferring certain exemptions or deductions to one’s state return, th...Read More
Jun 26, 2018 9:36:00 AM
The U.S. Treasury's Response to State SALT Workarounds
The Tax Cuts and Jobs Act—which made some serious changes to the way taxpayers can deduct state and local taxes (SALT)—continues to make waves among high-tax states like New York, Connecticut, and Illinois.
Although some of these states have already passed workaround...Read More