Let's take a trip down memory lane. The year is 2017, President Trump is in office, and the Tax Cuts and Jobs Act (TCJA) is signed into law. Among a myriad of other tax law changes, the TCJA limits the deduction individuals may take for state and local taxes to $10,000 on their individual income tax returns (i.e., the SALT Cap). The limitation sunsets, like many of the provisions within TCJA, at the end of 2025.

All U.S. states, the District of Columbia, Puerto Rico, and the Virgin Islands have laws requiring businesses to report and remit unclaimed property. The funds from unclaimed property compliance filings, amnesty programs, and audits have emerged as a material source of revenue for states. For example, in 2022, after accounting for reunited balances, Delaware's unclaimed property receipts were $349 million, or approximately 6% of the state's general fund.

The Washington State Supreme Court in Quinn v. Washington recently upheld the state's 7% excise tax on certain capital gains exceeding $250,000 in a calendar year. As a result, individual taxpayers in a state that does not impose a net income tax just became subject to capital gains excise tax and new filing requirements.

As another year comes to an end, Andersen invites you to join us in reflecting on 2023 and making plans for 2024. This webcast will provide you with important reminders, insights, and prospective possibilities that can benefit you and your fund.

Andersen Managing Director Joe Calianno's comments are featured in the recent Tax Notes article, "IRS Narrows Scope of Excess Asset Basis Rules in ‘Killer B' Regs". The article covers recently proposed regulations on Sec. 367(b) related to so-called Killer B triangular reorganizations. The proposed rules follow earlier IRS notices, which aim to block certain types of transactions using Killer Bs. In the article, Joe characterized the interplay between earlier IRS guidance and Killer B transactions as a "cat and mouse game,” which had largely shut down the transactions. He added that the scaling back of the excess asset basis rules in the proposed regulations was a positive development.

Andersen, the fastest-growing independent, multidisciplinary professional services firm in the world, has launched a new global valuation practice to broaden its platform of tax, legal and related services for clients.

Andersen Global Chairman and Andersen CEO Mark Vorsatz discusses the growth of Andersen's platform in Africa in the Bloomberg News article.

Andersen Director Deanne Morton was a significant contributor of Comments on Ways to Improve Dispute Resolution Programs submitted by the American Bar Association's Tax Section to the Internal Revenue Service (IRS) on September 15, 2023.