COVID-19 has forced many employees to work from home. This has presented new challenges, but also has introduced new opportunities, particularly relating to income tax deductions. This blog post will discuss how COVID-19 might affect potential deductions for employees working from home. It will do so in two parts. The first will summarize and explain…
Tag: Tax Deductions
The Consequences of Eliminating State and Local Tax Deductions: Double Taxation and Tax Controversy
The Trump Administration recently passed a comprehensive tax reform package, which includes restrictions on state and local tax (“SALT”) deductions from federal income returns.1 For the fiscal year 2017, the Internal Revenue Code permits deductions for state, local, and foreign taxes relating to income and property taxes.2 Proponents argue that restriction of the deduction will…