Tax Law News and Insights

Last week, the Internal Revenue Service ("IRS") announced that more than 1.1 million individual taxpayers have unclaimed refunds related to the 2021 tax year. By the IRS's estimates, these unclaimed refunds may equate to more than $1 billion. The estimated median refund amount is $781. However, many people could be...

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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...

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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...

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