Adam Jeffery | CNBC
The IRS has signaled that it will bless a workaround that will allow small business owners to bypass the $ 10,000 limit on state and local income tax deductions.
Since the Tax Cut and Employment Act went into effect in 2018, high-tax countries have been looking for ways to help individual taxpayers listed on their tax returns cope with the $ 10,000 limit.
Last year, the IRS and Treasury blocked one of those strategies, laws in New York, New Jersey, and Connecticut that would have allowed municipalities to create charitable funds to pay for local services and offer property tax credits to incentivize homeowners.