An exceedingly meaningful business incentive added by the Tax Cuts and Jobs Act, enacted on December 22, 2017 by President Trump increased the amount of qualifying fixed asset acquisition costs that may be expensed in the year of purchase from fifty (50) percent to one-hundred (100) percent. This important incentive applies to asset additions made […]
Read Bob Grossman’s article, “Proposed Section 2704 Regulations Work to Minimize Valuation Discounts,” published in the December 2016 issue of Practical Tax Strategies.
On December 1, 2016, Bob Grossman joined 36 individuals from around the country in testifying in Washington, D.C., at the Department of the Treasury’s Public Hearing on Proposed Regulations. The public hearing was held in accordance with statutory protocol mandated any time new Treasury regulations are proposed. This particular hearing was held so that commentators […]
Today, December 1, 2016, all eyes will be on the public hearing before Treasury and the Internal Revenue Service in Washington, D.C. At that hearing, witnesses will urge the Treasury to withdraw or substantially revise the controversial proposed Internal Revenue Code Section 2704(b) regulations designed to limit or eliminate estate valuation discounts for family-owned entities. […]
With the finalization of the proposed Section 2704 regulations looming, individuals and their advisors should consider completing estate/gift tax planning or business valuation projects before year-end while the current tax treatment is still available. If the regulations are passed as proposed, they are likely to become effective at the beginning of 2017. Read this technical […]
Let the fight begin! There has been a groundswell of protest against the Internal Revenue Service’s proposed Treasury regulations under Internal Revenue Code 2704, which were released in early August. These rules, if enacted, could end the use of discounts and other estate planning strategies long accepted by both political parties to move family businesses […]
After an extended period of threatening to do so, the Internal Revenue Service issued proposed regulations affecting the valuation of closely-held business interests for gift and estate tax purposes. The proposed regulations, under Internal Revenue Code (IRC) Section 2704(b)(4), concern restrictions on valuation discounts pertaining to the transfer of family-owned entity interests. Specifically, the proposed […]