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.

The qualified small business stock (QSBS) provision under Sec. 1202 of the Internal Revenue Code is one of the most powerful opportunities to reduce or eliminate taxable gain in a sale transaction.

On any sale of real estate, a like-kind exchange (LKE) should be considered as a way to eliminate immediate tax being imposed. An LKE is an exchange of rental real estate or real estate held for business or investment use (the relinquished property) for one or more real estate properties held for rental or for business or investment use (the replacement properties). A one-paragraph clause inserted in any sale agreement can reserve your right to do an LKE.

The United States (U.S.), like many other countries, places burdensome tax implications on certain individuals effectively departing the country's worldwide income tax net. In the U.S., a tax expatriation occurs when an individual's U.S. citizenship or long-term permanent residence is terminated if certain requirements are met. Long-term permanent residence, in general, is met if an individual has held a green card in any part of at least eight of the fifteen tax years ending in the year of termination via filing Form I-407, Record of Abandonment of Lawful Permanent Resident Status. Expatriation can also occur for a green card holder who files Form 1040-NR, U.S. Nonresident Alien Income Tax Return, based on residence in a foreign country under the terms of a U.S. income tax treaty.

Property tax is one of the mainstays of municipal financing and is often considered an unavoidable cost of owning real estate.

The Tax Cuts and Jobs Act of 2017 (TCJA) included a change to the treatment of research and experimental (R&E) expenses under Sec. 174 of the Internal Revenue Code. Beginning January 1, 2022, the TCJA requires taxpayers to capitalize previously deductible R&E expenses. The change provides a ratable amortization period of five years for R&E conducted in the U.S. and 15 years for non-U.S. activity beginning at the midpoint of the tax year incurred. This dramatic shift in the tax treatment of R&E expenses has important consequences for the artificial intelligence (AI) industry.

Philanthropy is often a rewarding way for wealthy individuals and entrepreneurial families to make a difference in the world and leave a legacy. Many individuals have established private foundations under Sec. 501(c)(3) to conduct these activities. However, legislative changes in recent years have made Sec. 501(c)(4) social welfare organizations (501(c)(4) organizations) a potentially more attractive option to supplement some individuals‚ existing philanthropic efforts.