The Wall Street Journal’s Richard Rubin is out with a new piece that looks at our ongoing SALT Parity efforts, and the massive savings they’ve unlocked for hundreds of thousands of family businesses across the country.

Before getting to the good news, a quick primer for those new to the issue. The state and local tax (SALT) deduction cap imposed by the Tax Cuts and Jobs Act (TCJA) put S corporations and partnerships at a competitive disadvantage.  C corporations could continue to fully deduct their SALT as a business expense while …

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With Tax Day just around the corner, we have some good news that should help ease the pain. Yesterday, Governor Glenn Youngkin signed HB 1121 into law, making Virginia the 25th state to adopt our SALT Parity reform. As a result, more than 200,000 Virginia S corporations and partnerships will have access to about $160 million in annual tax relief, starting with their 2021 returns.

As S-CORP readers know, the new cap on state and local tax (SALT) deductions does not apply evenly to all businesses.  C corporations may continue to deduct the full value of their SALT as a …

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Last week, S-Corp President Brian Reardon joined a panel discussion on our SALT Parity efforts. Hosted by Tax Analysts, the webinar sought to explain why these laws are necessary, who benefits, and what effect current proposals in Congress might have on them.

For those new to the issue, the SALT deduction cap imposed by the Tax Cuts and Jobs Act put S corporations and partnerships at a competitive disadvantage – C corporations could continue to fully deduct their SALT as a business expense while pass-through business owners were subject …

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