This post was originally published on Forbes Jun 12, 2015
SALT is an acronym that stands for State and Local Tax. Reilly's Fifth Law of Tax Planning states "A tax plan that ignores AMT or SALT is not much of a tax plan." It is tough being a SALT specialist in a national or large regional CPA firm. On a big job they will often be the last ones in after auditors finish the financial statements and the federal tax return is almost done. In a last minute compliance crunch, they are usually the bringers of bad news and are asking questions that should have been asked at the outset.