SALT

How State and Local Tax Refunds Affect Gross Income for the Following Year

B2B, Business Strategies, Individual Strategies /

The IRS published Revenue Ruling 2019-11 at the end of March 2019 in order to answer questions that arose due to limitations imposed on itemized deductions for state and local taxes (SALT) by the 2017 Tax Cuts and Jobs Act (TCJA). The law limited the itemized deduction for SALT to $10,000 except in the case […]

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state and local tax

Reassessing Some SALT Deduction Workarounds

Leave a Comment / Blog, Business Strategies, Individual Strategies, Loopholes /

In the runup to the 2017 tax reform package, the State And Local Tax deduction “loophole” fell into the crosshairs. Lawmakers predicted that lowering the SALT limit to $10,000 a year would raise hundreds of billions of dollars. Besides, they asserted, this change will not affect 90 percent of taxpayers. That’s very small comfort to

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