The IRS isn’t done examining state programs designed to skirt the 2017 tax law’s $10,000 cap on state and local tax deductions, agency Chief Counsel Michael Desmond said.
Final regulations (T.D. 9864) issued earlier this month didn’t address options that states such as Connecticut have offered that allow owners of pass-through entities to take bigger federal deductions and ease the SALT hit.
“No decision” has been made on how the Internal Revenue Service will respond to those programs, Desmond said June 27 at a Bloomberg Tax Leadership Forum in New York.
- The June 11 rules prohibit workarounds that ...