Congress Trying to Prevent New 2704 Regulations
Republicans in both the Senate and House are trying to include provisions in the budget legislation to prevent the IRS from implementing their new 2704 Regulations that would eliminate most discounts for transfers of family held businesses. We have previously posted on this.
Rep. Warren Davidson (R-Ohio) has proposed legislation to block funding to implement the proposed regulations. Republicans on the Senate Finance Committee are trying to introduce similar legislation. It appears they are targeting an end-of-year spending package to include the provision.
Although this is not law yet, it appears that Congress is serious about preventing the Proposed Regulations. However, it still must get passed and it will not be a priority with the looming budget impasse. We will keep you posted.
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
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