I cannot get comfortable with the significant limitations created by the new tax law on the State and Local Tax Deduction (SALT). It effectively rubs salt into the wound, causing pain to those in high income states, where mostly all of my celebrity music clients live (California and New York).
My experience has also shown that many professional athletes are now making their signing decisions based upon, in part, whether or not the team’s state has an income tax. There are multiple millions of dollars at stake when it comes to state taxation of income and lost deduction of state/local taxes.
The attached article entitled: “Tax Season 2019: Lessons Learned” includes my comments and those from other practitioners on how things went during this past tax season.
