Changes to state tax laws for unincorporated businesses could help them circumvent the $10,000 limit on state and local tax deductions in the Tax Cuts and Jobs Act.
As we enter into the tax planning stage of the year, the focus shifts to helping clients understand the impact of the Tax Cuts and Jobs Act and optimize their tax positions.
The American Institute of CPAs requested immediate guidance Monday from the Internal Revenue Service and the Treasury Department on various provisions of the Tax Cuts and Jobs Act related to S corporations.
New York state will stop basing its capital gains tax on federal government regulations if President Donald Trump follows through on his proposed unilateral change in how the levy is determined, Governor Andrew Cuomo said.
When the owner of a financial-services firm in Connecticut saw the U.S. tax overhaul pass in December, capping state and local deductions, he packed his bags. Now he lives in South Florida, soaking up the sun and some serious annual savings.
