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..
