The Internal Revenue Service and U.S. Department of the Treasury said Wednesday they plan to issue guidance addressing workarounds some states, including Illinois, are crafting to get around new limitations on deductions of state and local taxes.

A recent story in the Wall Street Journal foretells a grim financial future for Connecticut, the wealthiest state in the union by per capita income. Its great wealth, however, does not translate into financial stability. For this coming year, the state expects a $400 million shortfall in tax…

The Internal Revenue Service and U.S. Department of the Treasury said Wednesday they plan to issue guidance addressing workarounds some states, including Illinois, are crafting to get around new limitations on deductions of state and local taxes.

A recent story in the Wall Street Journal foretells a grim financial future for Connecticut, the wealthiest state in the union by per capita income. Its great wealth, however, does not translate into financial stability. For this coming year, the state expects a $400 million shortfall in tax…