aallenlenth Archive

Another SALT Request, State Rebate Funding, and Tax Bills

TweetShareSharePin0 Shares More calls to cut the SALT. California Democrats in the US House have urged President Biden to remove the federal $10,000 cap on state and local tax deductions. Most New York Democrats threatened to oppose the infrastructure bill if it does not repeal the SALT cap but the  California Democrats made no threat. Washington

Federal aid could hobble new state tax cuts and credits

TweetShareSharePin0 Shares A condition attached to $350 billion in relief for state and local governments by the American Rescue Plan Act (ARPA), P.L. 117-2 — that states may not use the money to offset their own tax reductions — may prove problematic, and is perhaps unconstitutional, tax practitioners said. ARPA’s Coronavirus State Fiscal Recovery Fund

IRS postpones April 15 deadline

TweetShareSharePin0 Shares The IRS announced on Wednesday that it is postponing the deadline for all individual tax returns. Returns otherwise due April 15 will not have to be filed until May 17 this year. The IRS says it will issue formal guidance in the near future. The postponement applies only to individual taxpayers, who can
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