Income taxes

The Institute for Professionals in Taxation will hold its two State Income Tax Schools this July in Hartford, Conn. for SALT professionals.

The main tax revenue for U.S. states declined by an average of almost 2 percent during the last three months of 2018 from the same quarter a year earlier.

The Internal Revenue Service is considering issuing rules that could invalidate some of the last remaining strategies in New York and Connecticut to circumvent the state and local tax, or SALT, deduction cap that kicked in for the 2018 tax year.

Politicians from New York, New Jersey and other high-tax states may be making a lot of noise, but the new $10,000 limit on deductions for state and local taxes, or SALT, isn’t going anywhere any time soon.

Some of the states that are paying the highest amounts in federal taxes are also the ones that will be hurt the most by the $10,000 limit on the SALT deduction.

Education Secretary Betsy DeVos is riding to the rescue of a private-school tax break that was ensnared in a bitter fight between the Treasury Department and Democratic states that sought to circumvent caps on state and local deductions under the Trump tax overhaul.

By setting a $10,000 cap on how much Americans can deduct in state and local taxes Washington created a pricey problem for the privileged in some parts of the country. But even before the law, there were rich people in blue states trying this strategy. Here are a few of the more colorful examples of litigation between wealthy residents who claimed to have moved and jilted states that didn’t quite believe them.

New Jersey’s average property tax bill hit a record for a high-cost state whose residents were stung by the cap on deductions for state and local taxes.

About 10.9 million people are losing out on one of their most prized tax breaks — the deduction for state and local taxes.

High-tax states are trying different strategies to help taxpayers reclaim a lost deduction.

New York Governor Andrew Cuomo is rallying a team of governors from fellow high-tax states to push Congress to repeal the cap on deductions for state and local taxes — an effort that looks doomed to fail.

The president and the governor will discuss a change in the 2017 tax law that limits the SALT deduction.

Women with at least four children will be exempt from paying personal-income tax.

The president said he would consider changes to a controversial cap on the federal deduction for state and local taxes.

Wayfair and the Tax Cuts and Jobs Act continue to dominate.

Signs are emerging that some disgruntled taxpayers are jumping at the chance to cut their taxes by moving to the Sunshine State.

Obamacare coverage could fall prey to the shutdown, lawmakers caution.

The Internal Revenue Service is offering business taxpayers some breaks related to the state and local tax deduction that was limited under the Tax Cuts and Jobs Act, but only when they make charitable contributions.

Major tax reform changes that practitioners and taxpayers should keep an eye out for during filing season.

Make sure clients understand all the consequences, tax-related and otherwise, before taking action.