The Stoler Report: New York Adapts SALT Cap WorkaroundFeatured: James (Jay) M. Brower, Jr | May 24, 2021
Jay Brower, Partner and leader of Marks Paneth’s State and Local Tax Practice, appeared on an episode of The Stoler Report dedicated to the SALT Cap Workaround. Mr. Brower shared his insight into the workaround for the $10,000 cap on state and local tax (SALT) deductions. New York joins a growing list of other states enacting laws that impose income taxes directly on passthrough entities (partnerships and S Corporations). Since this elective tax is imposed directly on the business and not the individual owners, the tax is deductible “above the line” for federal income tax purposes. Partners of the entity receive a credit against their state income tax liability for some or all of their share of the tax paid by the entity.
Watch the episode on-demand below.
About James (Jay) M. Brower, Jr
Jay Brower, CPA, is a Partner of corporate and individual tax compliance and research services at Marks Paneth, LLP. He has more than 20 years of professional experience at the federal, state, and local levels. Mr. Brower's duties also include the development of tax planning and implementation strategies, as well as education and development of the firm's professionals. Mr. Brower provides tax planning and compliance services to clients in the manufacturing, commercial fishing, telecommunications, professional... READ MORE +