IRS takes aim at California and other states trying to help residents avoid new tax-deduction limit - News Summed Up

IRS takes aim at California and other states trying to help residents avoid new tax-deduction limit


The IRS notice did not specify what the new rules would say about the attempts to turn state and local tax payments into charitable contributions. But a statement by the Treasury and IRS said, "The proposed regulations will make clear that the Internal Revenue Code, not the label used by states, governs the federal income tax treatment" of such payments.


Source: Los Angeles Times May 23, 2018 18:11 UTC



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