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Pass Through Entity Elective Tax Payment

California has passed legislation to allow owners of pass though entities such as partnerships and S-Corporations to bypass the state and local tax (SALT) cap of $10,000 for individuals. For taxable years beginning on or after January 1, 2021, and before January...
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State and Local Tax Deduction Limit

In Revenue Ruling 2019-11, posted on, the IRS provided four examples illustrating how the long-standing tax benefit rule interacts with the new SALT limit to determine the portion of any state or local tax refund that must be included on the taxpayer’s...
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The Charitable Contribution Deduction

Section 170(a) provides, subject to certain limitations, a deduction for any charitable contribution, as defined in § 170(c), payment of which is made within the taxable year. A charitable contribution is a donation or gift to, or for the use of, a...
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IRS Audit Statute of Limitations

The Internal Revenue Service (IRS) makes every effort to examine tax returns as soon as possible after they are filed. Moreover, an IRS audit can take time to complete, but the IRS cannot extend the audit indefinitely. To ensure timely tax examinations,...
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