States and localities across the country are continuing to respond as quickly and effectively as possible to the coronavirus (COVID-19) outbreak. These responses include guidance for taxpayers on numerous topics, such as...more
New Jersey recently enacted the “Pass-Through Business Alternative Income Tax Act,” which allows pass-through businesses with at least one member liable for the New Jersey gross income tax to make an election to pay income...more
2/10/2020
/ Business Taxes ,
Corporate Taxes ,
Income Taxes ,
Local Taxes ,
Pass-Through Entities ,
SALT ,
State and Local Government ,
State Taxes ,
Tax Deductions ,
Tax Liability ,
Tax Planning ,
Tax Rates ,
Tax Reform
New York, New Jersey, Maryland, and Connecticut are seeking to invalidate the new $10,000 cap on the federal deduction for state and local taxes, alleging that the cap is unconstitutional, interferes with states’ rights to...more
Federal tax reform will have a significant and possibly unexpected impact on state taxes, including on individual deductions and, for corporations, reporting methods and limitations regarding net operating losses and interest...more