Taxation

Everyone pays taxes of one sort or another and the laws around those taxes are comprehensive and often complex.

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Taxation News & Information

Taxation

States Work to Avoid Impact of TCJA Limitation on State and Local Tax Deduction and IRS Weighs in on Attempted Workarounds

Since the amendment of Internal Revenue Code section 164(b)(6) to limit joint filing taxpayers’ deduction for state and local taxes to $10,000 annually (pursuant to the 2017 tax legislation, frequently called the Tax Cuts and Jobs Act or TCJA, P.L. 115-97), a number of states have considered or enacted various workaround measures to avoid or mitigate the effect of the new limitation on their residents.