The Pollock Firm LLC

05/07/2026

A recent decision by the U.S. Court of Federal Claims—the Kwong case—may reopen refund, penalty, and interest relief opportunities for millions of taxpayers affected by IRS deadlines during the COVID‑19 pandemic. In Kwong v. United States, the court held that federal tax deadlines were automatically suspended for the entire federally declared COVID‑19 disaster period, from January 20, 2020 through July 10, 2023, plus a mandatory 60‑day extension. As a result, certain refund claims and challenges that the IRS previously considered “late” may actually be timely, with many claims now due as late as July 10, 2026.

What Happened in the Kwong Case?

The Kwong case is a very technical case. Taxpayer Terry Kwong sued the United States seeking refunds of penalties the IRS had assessed for earlier tax years.

Normally, a taxpayer has two years after the IRS denies a refund claim to file suit. The IRS argued that Mr. Kwong missed that deadline and asked the court to dismiss the case.

Kwong case ruling tolled IRS tax deadlines during COVID, allowing many taxpayers to seek refunds or penalty relief as late as July 10, 2026

03/04/2026

🚨 New FinCEN Residential Real Estate Reporting Rule — Effective March 1, 2026

Certain non-financed residential real estate transfers to entities and trusts must now be reported to the Financial Crimes Enforcement Network (FinCEN). This is a significant compliance shift for attorneys, title companies, and settlement agents.

Read our concise breakdown of who must report and what it means:
👉 https://pollockfirm.com/fincen-residential-real-estate-reporting/

09/15/2025

For high-net-worth families and their advisors, estate planning is far more than the mere ex*****on of a Will. In New Jersey, where probate is often perceived as streamlined, many individuals still ask: when is a revocable living trust truly the better option than a Will? This article will explore that question, breaking down:

- Situations where a Revocable Living Trust is better than a Will in NJ;

- Situations where a Will and a Revocable Living Trust offer similar outcomes; and finally

When a Will may be preferable to a Revocable Living Trust.

Before we get into the heart of this post though, I would like to take moment to address a very common question: Why do some people say you should always have a trust and others don't? The general answer to this is that in some jurisdictions, probate is so difficult or expensive that it is always worthwhile to have a trust to avoid probate. Probate is not expensive in New Jersey, and it can often be simple.

There are many reasons why a trust is better than a Will in NJ. The attorneys at The Po***ck Firm can help determine if a Will or Trust is right for you.

09/03/2025

Posts from The Po***ck Firm LLC for 09/03/2025 -

For high-net-worth families and their advisors, estate planning is far more than the mere ex*****on of a Will. In New Jersey, where probate is often perceived as streamlined, many individuals still ask: when is a revocable living trust truly the better option than a Will? This article will explore t...

07/24/2025

Posts from The Po***ck Firm LLC for 07/24/2025 -

With inheritance tax rates as high as 16%, knowing where to live and the types of assets to own can be critical. Learn how to minimize the tax burden for your loved ones by comparing the NJ vs. PA Inheritance tax laws.

07/10/2025

Posts from The Po***ck Firm LLC for 07/10/2025 -

On the fourth of July, there was a major new tax law enacted which re-introduces a permanent federal estate tax exemption. The new law appears under the One Big Beautiful Bill (OBBBA) and will result in the federal gift and estate tax exemption being set at $15 million per individual starting ...

06/25/2025

Posts from The Po***ck Firm LLC for 06/25/2025 -

In the world of probate, trust administration, and estate administration, not all litigation is adversarial. Sometimes, families are united in their intentions and simply need the court’s help to formalize those intentions. This is where friendly estate litigation comes into play. What Is Friendly...

05/28/2025

A few days ago, Congress agreed to send a bill to the Senate known as the One Big Beautiful Bill Act. The question is, does this Act repeal the Estate Tax? In short - No, it doesn't (see: Kiplinger's and other online sources). It does however increase the federal estate tax exemption from $13.99M to $15M per person. Remember, this is NOT YET LAW. The Senate needs to agree to the bill and the President needs to sign off.

Other Major Changes Related to Estate Planning

Although the One Big Beautiful Act Bill does not repeal the estate tax, it appears that the law would:

- Make the federal estate tax exemption permanent; and

- Index the estate tax exemption beginning in 2026 (See: https://taxfoundation.org/research/all/federal/big-beautiful-bill-house-gop-tax-plan/)

Making the amount of the federal estate tax exemption permanent is actually a big deal. It has been a constant source of problems for estate planning attorneys and anyone else who wishes to plan long term.

Congress agreed to send a bill to the Senate known as the One Big Beautiful Bill Act. The question is, does this Act repeal the Estate Tax? In short -

05/26/2025

Posts from The Po***ck Firm LLC for 05/26/2025 -

A few days ago, Congress agreed to send a bill to the Senate known as the One Big Beautiful Bill Act. The question is, does this Act repeal the Estate Tax? In short – No, it doesn’t (see: Kiplinger’s and other online sources). It does however increase the federal estate tax exemption from $13....

02/27/2025

Posts from The Po***ck Firm LLC for 02/27/2025 -

For those of you who have been following the on again – off again nature of this law and just want a quick answer as to the current status of the Corporate Transparency Act, it is back in force and you should be prepared to file the Beneficial Owner Information Report with FinCEN. If you […]