On 9 November 2020, the U.S. IRS issued Notice 2020-75 to announce that the U.S. IRS and Treasury intend to issue proposed regulations to clarify that state and local income taxes imposed on and paid by a partnership or S corporation on its income are allowed as a deduction by the partnership or S corporation in computing its non-separately stated taxable income or loss for the taxable year of payment, and therefore are not subject to the state and local tax deduction limitation for partners and shareholders who itemize deductions. The U.S. IRS issued a release providing an overview of...