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Goldburd McCone LLP
New York City Tax Lawyers

June 2019 Archives

IRS defeats NY's attempt to work around SALT cap

The United States government hit New Yorkers and other residents of high tax states hard with the new tax law. The Tax Cuts and Jobs Act (TCJA) included a provision that put a limit on the state and local tax deduction. This limit meant residents of high tax states could only deduct up to $10,000 of their state taxes from their federal returns.

New tax law will likely mean more state tax audits

The Tax Cuts and Jobs Act (TCJA) has led to many changes in tax law. We are just starting to experience the full impact of these changes, as many of the new provisions went into effect for the recent tax filing for the 2018 tax year. One specific impact tax experts predict to continue to grow in coming months is an uptick in state tax audits due to a cap on the state and local taxes (SALT) deduction.

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