The COVID-19 pandemic has had enormous impacts on state and local governments by reducing tax revenue, causing widespread unemployment, and increasing healthcare costs. In addition to reducing ...
The Tax Cuts and Jobs Act of 2017 (TCJA) capped the deduction for state and local taxes at $10,000 for tax years 2018 through 2025. The SALT deduction can include real estate taxes and either sales ...
In Rev. Rul. 2019-11, issued Friday, the IRS addressed how the long-standing tax benefit rule interacts with the new $10,000 limit on deductions of state and local taxes to determine the portion of ...
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