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From the category archives: GA - Estate Tax

Tax Reform Moving on Capitol Hill

On Nov. 13, the U.S. Senate began the first day of an expected four-day process to amend and approve their version of tax reform legislation. The U.S. House of Representatives is expected to vote on their version of the bill on Thursday, Nov. 15. If both chambers pass their respective bills, conferees will be designated to negotiate an agreement between the House and Senate versions, which currently include a number of significant differences.  Read the rest of entry »

Treasury Announces Plans to Withdraw Proposed 2704 Regulations

On Oct. 4, the U.S. Treasury Department released a report announcing plans to withdraw its proposed regulations under Section 2704 of the Internal Revenue Code, entitled Estate, Gift and Generation-skipping Transfer Taxes: Restrictions on Liquidation of an Interest. The proposed rule was issued Aug. 4, 2016, during the Obama administration. 
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Burdensome Section 2704 Regs in IRS Crosshairs

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. Read the rest of entry »

ABC-sponsored Study Highlights Impact of 2704 Regs on Family Businesses

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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White House Releases Long-anticipated Tax Proposal

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. Read the rest of entry »

ABC and Coalition Support Bill to Repeal the Death Tax

ABC, as part of the Family Business Estate Tax Coalition (FBETC), June 19 supported the Death Tax Repeal Act of 2013 (S. 1183/H.R. 2429) that would permanently repeal the estate tax.
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ABC and Coalition Call on Congress to Stop Scheduled Estate Tax Hike

As part of the Family Business Estate Tax coalition (FBETC), ABC Nov. 15 sent a letter to members of Congress urging them to pass legislation addressing the estate tax before the end of the year. Barring congressional intervention, the resurgent estate tax rate and diminished exemption would saddle thousands of family-owned businesses with a crippling tax increase.
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