Results for "SALT cap"
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Startups and the OBBBA: Rethinking C corporation vs. passthrough
With enhanced Sec. 1202 gain exclusion, permanency of Sec. 199A, and other provisions, the calculus for entity choice has shifted.
Hedge funds: Tax structuring, planning, and compliance
Hedge funds may face tax issues of entity structuring, carried interest, management fee waivers, and trading-related rules. This article highlights planning strategies and compliance considerations as the IRS continues to increase its scrutiny of these investment vehicles.
Current developments in taxation of individuals: Part 2
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.
Current developments in taxation of individuals: Part 1
This update surveys recent federal tax developments involving individuals, including
court cases, rulings, and guidance issued during the six months ending October 2025.
Cap raised, strings attached: The 2025 SALT shake-up
Advisers can help clients take advantage of the higher deduction limit for state and local taxes while managing its income phaseout and scheduled sunset.
Current Developments in Taxation of Individuals: Part 1
This update surveys recent federal tax developments involving individuals, including
court cases, rulings, and guidance issued during the six months ending October 2025.
AICPA tax policy and advocacy successes: 2025 highlights
The AICPA’s Tax Division volunteer committees and technical resource panels can point to many positive results last year from its advocacy to Treasury, the IRS, and Congress for law changes and administrative guidance.
Managing tax practices in response to new legislation
Firms can follow these guidelines to position themselves as the trusted advisers clients need to navigate the many tax law changes in H.R. 1.
Current developments in S corporations
This annual update covers recent developments relating to S corporations, including IRS relief for common inadvertent S election lapses; the transfer of clean-energy credits; and other cases, rulings, and regulations.
Tax provisions in the One Big Beautiful Bill Act
The bill extends portions of the Tax Cuts and Jobs Act, provides deductions to eliminate income taxes on certain tips and overtime pay, and addresses other tax priorities of the Trump administration.
Senate budget bill would preserve PTET SALT deduction
An AICPA statement after the bill was issued by the Senate Budget Committee lauded lawmakers for “diligent work to reject new tax increases” on passthrough business including CPA firms.
Tax provisions of Senate Finance’s version of the budget bill
The 549-page text calls for making many provisions of the Tax Cuts and Jobs Act permanent. The committee says that the SALT cap amount is “the subject of continuing negotiations.”
House passes budget reconciliation bill with changes to tax provisions
Early Thursday morning, the House of Representatives passed the One Big Beautiful Bill Act by one vote. The bill had been amended by the Rules Committee, and it now goes to the Senate for consideration.
Reconciliation bill clears committee on second try
Sunday revote came after Republican fiscal hawks initially joined Democrats to sink the bill, which includes tax provisions approved by the House Ways and Means Committee last week.
Ways and Means approves proposed TCJA extensions and tax changes
The bill would make key portions of the TCJA permanent and create a new “senior bonus” deduction, among its many provisions. An AICPA statement said it is “deeply troubled” by the plan to curtail use of passthroughs to avoid SALT cap. The bill now heads to the House Budget Committee.
States continue to tweak NOL provisions
Treatment of net operating losses for state income tax often differs significantly from federal tax law.
Choice-of-entity analysis with the TCJA sunset approaching
Educators as well as practitioners can model the tax effects of choice of entity and possible scenarios of tax law change.
Recent developments in states’ PTETs
This column offers updates and resources regarding the passthrough entity taxes that have been implemented in three dozen states.
Current developments in S corporations
This annual update covers recent developments relating to S corporations including IRS relief for common inadvertent S election lapses; state passthrough entity taxes; and other cases, rulings, and regulations.
Student-created podcasts deepen tax learning
Producing their own tax podcasts can foster students’ engagement with a broad range of topics.
