Tax Law News and Insights

Key Takeaways House Republicans passed a budget plan with $4.5 trillion in tax cuts and $2 trillion in spending reductions. The plan looks to extend key Tax Cuts and Jobs Act tax breaks before they expire at the end of 2025. Senate Republicans favor a different approach, setting up a...

Read More

Key Takeaways: Many states offer pass-through entity taxes to bypass the state and local tax (SALT) cap, but elections require careful modeling to avoid unexpected tax impacts — especially for nonresidents. SALT issues like sales tax, transfer taxes, and entity classification should be addressed early in liquidity events, reorganizations, or...

Read More

In April 2024, the IRS sent notices informing more than 70,000 taxpayers that their tax and personal data had been stolen in 2019 by a former IRS contractor, Charles Littlejohn. Littlejohn not only stole the data of hundreds of thousands of taxpayers, but also leaked tax returns to ProPublica and the New York...

Read More