Is a pass-through entity tax right for you?
Ever since the Treasury Department paved the way for states to enact legislation to workaround the state and local tax deduction cap, more and more states have taken advantage of the opportunity. In late 2020, the IRS released a notice that more or less gave the green light to states for workaround legislation that, to […]
States given green light for SALT workaround
Since the Tax Cuts and Jobs Act of 2017, taxpayers have been limited to $10,000 of state taxes they can claim as itemized deductions. This state and local tax, or SALT, limitation has caused many people to pay more federal income taxes over the last couple years. In response, states have been looking for creative […]
Tax changes on tap with two infrastructure bills
Two significant infrastructure bills are making their way through Congress. Earlier this month, the Senate approved a $1.2 trillion “hard” infrastructure bill and will begin negotiations soon on a much larger $3.5 trillion “soft” infrastructure bill that serves as the outlines of the 2022 budget resolution. Both measures will undergo the political “sausage making” process […]