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IRS Moves to Block New York, New Jersey Plans to Bypass SALT Deduction Cap

from Bloomberg News via Accounting Today

From Aug. 29: The Internal Revenue Service put the tri-state area on notice: The charitable workarounds New York, New Jersey and Connecticut approved following the new federal cap on deductions for state and local taxes aren't acceptable to the federal government. Taxpayers who itemize will only be eligible for a federal deduction that's a small fraction of their charitable donations for property tax payments, according to proposed regulations issued by the Treasury Department. more

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