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…