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Trials & Transactions

On Behalf of | Dec 9, 2020 | Trials and Transactions |

Forthcoming Proposed Regulations Will Allow SALT Work-Around by Allowing Income Taxes Imposed on Partnership or S Corporation as a Deduction in Calculating the Entity’s Non-Separately Stated Taxable Income or Loss

In Notice 2020-75, the IRS announced that forthcoming proposed regulations will clarify that State and local income taxes imposed on and paid by an S Corporation or a partnership are allowed as a deduction by the entity in computing its non-separately stated taxable income or loss for the taxable year of payment. Read More..