Income taxes

What pros are making; getting clients to pay; keeping the SALT cap; and other highlights from our favorite tax bloggers.

Democrats risk settling for a less generous expansion of the state and local tax deduction than previously hoped after President Joe Biden conceded that lawmakers will have to scale back his economic agenda to get it enacted.

One suggested that a two-year repeal of the $10,000 cap will be the final solution.

The specific tax hikes remain to be detailed, as does any move to suspend or expand a $10,000 SALT cap.

Democrat legislators are attempting to move forward with the next step needed to pass President Biden’s economic agenda.

Paying guests at the Met Gala get to deduct much of the $35,000 ticket price, says Matthew Yglesias.

High-earning taxpayers would face much smaller tax hikes — or even cuts — if Democrats decide to restore the federal deduction for state and local taxes in legislation that’s now moving through the House.

Taxpayers and tax professionals in some Western states will need to begin using a new mailing address.

House Democrats are considering a two-year repeal as one of their potential paths to undoing the $10,000 cap on the federal deduction for state and local taxes.

While Biden isn’t getting some of his proposed tax increases on the wealthy, some surprising new hikes may be in the works.

The stumbling block is scrapping the deduction limit without losing progressives wary of a tax cut that would overwhelmingly benefit the wealthy.

Fighting among Democratic lawmakers over proposed hikes in individual and capital gains taxes is intensifying, creating more questions and opportunities for advisors.

The new product is a move toward readiness for the U.K. tax authority’s “Making Tax Digital” initiative.

The issue of transfer pricing is a top focus as governments look to ensure multinational companies aren’t evading their tax responsibilities by reallocating profits to lower-tax jurisdictions.

States seek to recoup costs borne due to the COVID-19 pandemic see taxing out-of-state workers as painless.

A misstep could result in not getting compensated correctly, or creating potential trouble with the IRS.

A Treasury Department spokesperson gave an answer that provides clarity for advisors with affluent clients.

The $1 million threshold at which the 23.8% capital gains rate would nearly double has sparked questions — and a strategy for some well-paid professionals.

Declines in income and boosts to government subsidies wiped away tax liabilities.

A CPA and a corporate communications vet are at the forefront of trying to reinstate the state and local tax deduction.