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IRS Looks for Ways to Squelch NY, Connecticut SALT Workarounds

March 8, 2019, 7:10 PM

The Internal Revenue Service is considering issuing rules that could invalidate some of the last remaining strategies in New York and Connecticut to circumvent the state and local tax, or SALT, deduction cap that kicked in for the 2018 tax year.

The IRS is “likely” to issue additional regulations to address high-tax states’ efforts to work around the $10,000 annual write-off limitation, Scott Dinwiddie of the IRS’s Income Tax and Accounting Division said March 8. The regulations could address programs in New York and Connecticut to circumvent the SALT cap that the IRS hasn’t already knocked down.

“From the IRS ...

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