SALT Cap Workaround Rules Due Soon From New York Tax Department

New York business owners hankering to seize on a fresh tax break may get guidance from the state’s tax department as early as next week, according to a source familiar with the matter.

Partnerships, limited liability companies, and S corporations have been waiting four months for details—and forms to file—to determine whether they should choose to pay a pass-through entity tax ahead of an Oct. 15 deadline. The tax would give members of those businesses a way to ease the pain of a $10,000 federal cap on individuals’ ...