Tax Law News and Insights

California has more than 20% of the nation's entire housing market when measured by value, according to Zillow. Given the high value of the state's real estate portfolio, it is no surprise that California has regularly been a forerunner in emerging tax policies. Recently, many California cities, including flagship markets in...

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Under federal tax law, there are significant differences between grantor and non-grantor trusts. Grantor trusts are treated as disregarded entities. In layman's terms, this means that the grantor (i.e., the creator or the settlor) and the grantor trust are one and the same. Accordingly, if the trust generates income, that income is...

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On January 13, 2023, the Internal Revenue Service (IRS) released a Chief Counsel Advice Memorandum (CCA 202302011) concluding that taxpayers cannot claim a deduction for cryptocurrency losses that have, absent a sale or other taxable disposition, substantially declined in value if such cryptocurrency continues to trade on at least one...

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