WebApr 12, 2024 · It tends to help taxpayers in wealthier, more urbanized states, where sales taxes are higher and real estate costs more. President Donald Trump’s 2024 tax reform capped the SALT deduction at ... WebAnd yet, business owners can get a work around by paying in the state's pass-through entity tax and deduct their… One of the worst tax law changes in years. Paul L. Charles, CPA on LinkedIn: Navigating the SALT Deduction
Explaining Changes to the State and Local Tax Deduction - SmartAsset
WebMar 1, 2024 · New Jersey enacts SALT deduction cap workaround for pass-through entities. On January 13, 2024, New Jersey governor Phil Murphy signed into law the Pass-Through Business Alternative Income Tax Act ( A-4807/S-3246) (“the act”). This act created an election available to those S corporations, partnerships or limited liability companies ... WebDec 27, 2024 · On December 19, the U.S. House of Representatives passed the Restoring Tax Fairness for States and Localities Act (H.R. 5377), which would suspend the … the c.s. lewis podcast
As Congress Passes on SALT, States Turn to Pass-Through Entities
WebMar 29, 2024 · With new SALT limit, IRS explains tax treatment of state and local tax refunds. WASHINGTON — The Internal Revenue Service today clarified the tax … WebNov 19, 2024 · On November 9, the IRS released Notice 2024-75 announcing its plan to issue proposed regulations that many have been waiting for. The regulations will confirm that entity-level state and local taxes (SALT) imposed on pass-through entities are not subject to the $10,000 SALT deduction limit. WebNov 13, 2024 · The guidance clarifies uncertainty on the issue and supports partnerships and S corporations deducting tax payments that otherwise may be subject to the $10,000 … the c.i.a