New York’s new guidance on how to get around the $10,000 federal cap on state and local tax deductions isn’t offering some taxpayers the reprieve they were hoping for.
“Maybe most notable is what’s not in here,” said Tim Noonan, a tax attorney at Hodgson Russ in New York City. “Many were hoping that the tax department would allow some relief on estimated taxes.”
Under Wednesday guidance from the New York Department of Taxation, pass-through entity partners and shareholders who opt in to start paying the new tax in 2021 will still be required to pay their estimated income ...