In the face of the many emergency declarations by federal as well as state governments, many are pushing off their tax filing deadlines. Starting at the federal level, US Treasury Secretary Steve Mnuchin announced earlier this week that the Internal Revenue Service (IRS) would suspend penalties and interest for up to 90 days on income…
Read More »Just 2 weeks after it proposed a new rule to block state efforts to circumvent the $10,000 state and local tax deductions limit (SALT), the Internal Revenue Service (IRS) this week clarified that companies that make business-related payments to charities or government entities may at times write off those donations as normal business expenses, just…
Read More »The Internal Revenue Service (IRS) has issued a proposed new rule that will serve to block state efforts to circumvent the $10,000 state and local tax (SALT) deductions limit that was established by the Tax Cuts and Jobs Act last December. A number of high-tax states – New York, New Jersey and Connecticut, in particular…
Read More »The New York State Department of Taxation and Finance has submitted recommendations to Governor Andrew Cuomo to change the state tax code in order to minimize the impact that the federal Tax Cuts and Jobs Act (TCJA) will have on wealthy New Yorkers. The TCJA caps state and local tax deductions (SALT) at $10,000 per…
Read More »Maryland isn’t going to be left out of the tax cut basket if Governor Larry Hogan has his way. He is planning to advocate for moderate tax cuts from the $300 million surplus the state is expected to realize in the current fiscal year. Hogan, who was elected in 2014 on a tax-cutting and smaller…
Read More »As state legislatures around the country begin their 2015 sessions in earnest, we couldn‘t help note that several are now looking at reducing tax burdens and making more of an effort to “live within their means”. In his State of the State address, New York Governor Andrew Cuomo highlighted his “2015 Opportunity Agenda”, which calls…
Read More »