Following are highlights of changes in the budget.
The federal $10,000 cap on the state and local tax itemized deduction makes these hikes even more painful. New York taxpayers should act now to estimate and mitigate the potential impact of the tax rate increase and optional pass-through entity tax.
Fixing errors on already-filed partnership returns
Partnerships that discover errors on their already-filed federal returns might be able to file AARs or superseded returns to fix them.
How ESG and tax connect
A divided Congress creates tax uncertainty
The 2022 midterm elections created a lot of uncertainty and a divided Congress. How will that impact tax oversight and legislation?