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From the category archives: GA - Tax Relief & Fiscal Policy
The Internal Revenue Service last week identified the proposed Section 2704 regulations concerning the valuation of family businesses among eight unduly burdensome or complex rules that would be marked for rescission or modification. According to the notice, “these proposed regulations would create an additional category of restrictions that also would be disregarded in assessing the fair market value of an interest.” The notice also noted concerns from public commenters including the increased financial burden to family businesses and the difficulty in making accurate valuations.
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In the waning days of the Obama administration, the Treasury Department released proposed regulations under Section 2704 that could have a profound impact on the valuation and therefore taxation of family businesses. The regulations as written would institute back-door “family attribution,” a standard that has been rejected by the courts for decades, and that would jeopardize traditional discounts for minority ownership stakes, inflating tax bases by as much as 40 percent. As the regulations were not finalized by the time President Obama left office, there is no effective date, but the rule remains pending.
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The White House rolled out its tax proposal, which aides have billed as “the biggest individual and business tax cut in American history” on April 26. Treasury Secretary Steve Mnuchin and National Economic Council Chair Gary Cohn laid out President Trump’s principles for reform from behind the podium, and a one-page document was distributed to the press.
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On Feb. 16, President Trump announced R. Alexander Acosta as his nominee for Secretary of Labor. Acosta is currently the dean of the Florida International University College of Law and previously served as an assistant attorney general in the Department of Justice, Civil Rights Division and as a member of the National Labor Relations Board. His nomination followed Andy Puzder’s withdrawal from the confirmation process.
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On Feb. 9, President Trump signed three executive orders,
including: 1) directing the administration’s new Attorney General to develop a strategy to more effectively prosecute people who engage in crimes against law enforcement officers, 2) establishing a task force to reduce crime in communities across the nation, and 3) refocusing federal resources on disrupting transnational criminal organizations.
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The U.S. House of Representatives and U.S. Senate have reached a deal on both the Omnibus spending package and extending certain expired tax provisions commonly referred to as “extenders.”
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Many ABC members were greeted with a significant tax increase this tax day, April 15. Construction contractors who survived the recession already paid the highest effective tax rate of any sector, and now they face even higher taxes thanks to rising marginal rates, reinstated limits on deductions, and new surtaxes on wages and income stemming from the health care law.
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U.S. House of Representatives Ways and Means Committee Chairman Dave Camp (R-MI) Feb. 26 released a draft of legislation designed to reform the tax code that proposes lowering the top tax rate for construction businesses from 35 percent and 39.6 percent to 25 percent, regardless of entity-level structure. The proposal confirms that the 25 percent Qualified Domestic Manufacturing Income (QDMI) rate would apply to “construction of real property in the United States as part of the active conduct of a construction trade or business.”
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A study completed by the Small Business Administration (SBA) found that corporate-only tax reform might cause many small businesses that file as pass-through entities to suffer the consequences of this one-sided solution.
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The Coalition for Fair Effective Tax Rates and the Reforming America’s Taxes Equitably (RATE) Coalition held a joint press conferenceSept. 19 to support the passing of comprehensive tax reform that would lower both individual and corporate rates and eliminate distorting tax preferences.
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