IRS Issues Final Regulations, Bans Taxpayers from Circumventing SALT Deduction Caps by Karen A. Lake, CPA
Posted on July 09, 2019 by Karen Lake
The IRS has officially shut down any plans that high-tax states had introduced to help their residents circumvent the new tax law’s $10,000 cap on deductions for state and local taxes (SALT). According to final guidance issued by the IRS on June 11, 2019, taxpayers are prohibited from receiving federal tax deductions for the full […]