Does the IRS Owe You Money? A Recent Court Case May Create Refund Opportunities.

Taxpayers who paid penalties or interest between 2020 and 2023 may have an opportunity to preserve potential refund claims while the courts determine the final outcome of the Kwong case.

Most taxpayers know one tax date by heart: April 15.

Miss that deadline and the consequences can be expensive. Penalties begin to accrue. Interest starts running. Refund opportunities can expire. For years, taxpayers and advisors alike have accepted those rules as fact.

But what if the deadline wasn’t actually April 15?

A recent federal court case is raising exactly that question—and the answer could mean refunds of penalties, reductions of interest charges, and even additional interest owed by the IRS to certain taxpayers.

While the issue is highly technical, the planning opportunity is surprisingly straightforward.

Does the IRS Owe You Money? A Recent Court Case May Create Refund Opportunities.

 

Wellspring Family Office Named to Inaugural CNBC Elite Advisor List

Wellspring Family Office Named to Inaugural CNBC Elite Advisor List

Cleveland, Ohio — Wellspring Family Office has been named to the inaugural CNBC Elite Advisor list, a first-of-its-kind recognition identifying 25 registered wealth management firms across the country with a proven track record of managing ultra-high-net-worth clients and providing the full suite of services required by today’s wealthy clients and families.

The CNBC Elite Advisor list was not open to applications and carried no fee for consideration. CNBC’s editorial team independently identified and evaluated firms based on the depth and quality of service they provide to ultra-high-net-worth families, not on assets under management, growth rate, or publicly available data.

Wellspring Family Office was founded in 2007 with a singular focus: to serve families with the full depth of expertise, integration, and care their lives demand as a true independent multi-family office.

“Serving families at this level requires depth, integration, and genuine care that goes well beyond the balance sheet. We have built our entire firm around that belief, and we are proud that CNBC recognized it,” said Michael Novak, Founder and CEO of Wellspring Family Office.

Wellspring manages $7 billion in wealth for ultra-high-net-worth families, maintains a 98% client retention rate, and operates with a 3:1 family-to-associate ratio, reflecting a deliberate approach to high-touch, personalized service.

About Wellspring Family Office

Wellspring Family Office is an independent, fee-only multi-family office serving ultra-high-net-worth individuals and families. Founded in 2007 by CEO Michael Novak and headquartered in Cleveland, Ohio, the firm provides integrated wealth and tax planning, investment management, family governance and education, trust and estate management, owner advisory, concierge, health and wellness services.

Methodology  

The Elite Advisors list was published on CNBC’s website on June 22, 2026, based on data within a 12-month period.  No compensation was paid to be considered or included on the list. CNBC’s criteria can be found here: CNBC’s Methodology.

Media Contact

Darby McDowell
Marketing Associate
dmcdowell@wellspringfo.com
216.353.3490

 

Wellspring Family Office Named to Inaugural CNBC Elite Advisor List

The 2026 Opportunity Zone Tax Deadline Is Approaching: What Investors Should Be Doing Now

Group of people walking together through a leafy garden, seen from behind.

The Qualified Opportunity Zone (QOZ) program was created as part of the Tax Cuts and Jobs Act of 2017 to encourage long-term investment in designated communities throughout the United States.  Investors who reinvested eligible capital gains into a Qualified Opportunity Fund (QOF) received several tax incentives, including the deferral of the original gain and, for many early investors, a partial basis step-up.

While the gain deferral received much of the initial attention, the most valuable benefit of the program remains the potential exclusion of federal capital gains tax on future appreciation if the investment is held for at least 10 years and all applicable requirements are met.

As investors look toward the future, however, another important milestone is approaching. Under current law, deferred gains invested in Qualified Opportunity Funds generally become taxable on December 31, 2026, regardless of whether the underlying investment has been sold.

Qualified Opportunity Funds are also subject to ongoing compliance requirements, including a requirement that at least 90% of fund assets be invested in qualified Opportunity Zone property. Investors should continue to monitor both the tax implications and the ongoing health and compliance of their investments.

What Investors Should Be Doing Now