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STATE & LOCAL TAXES

The fact that the IRS has yet amount of adjustments to be identified,
If the federal to release additional guidance or causing administrative burdens for tax
regulations leads some to fear that
practitioners. As a growing number of
tax-benefit rule the government may reverse course states have enacted PTE tax legislation
is overlooked, a altogether regarding its stance on in 2022, the need for additional federal
taxpayer could PTE taxes, or when guidance is guidance to ensure proper filings and
client direction is prominent. ■
finally issued, it will cause a significant
benefit from a
large federal tax
deduction for SITPs
and fail to include

the corresponding Contributors
refundable credit Lynn Mucenski-Keck, CPA, MST, is national lead, Federal Tax Policy, at Withum
in federal taxable in Rochester, N.Y., and Jeremias Ramos, CPA, is tax manager, National Tax
Service Group, at Withum in New York City. For more information about this
income in the article, contact thetaxadviser@aicpa.org.
following year.

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46 November 2022 The Tax Adviser