Agribusiness BlogFarm CPA Today

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.

  • Principal
  • CliftonLarsonAllen
  • Yakima, Washington
  • 509-823-2920

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 partner with CliftonLarsonAllen in Yakima, 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. In fact, Paul drives combine each summer for his cousins and that is what he considers a vacation. Leave a comment for Paul. If you would like to leave a comment for Paul, follow the link above, however, please make sure to include your email address so that he can reply to your comment (your email address will not automatically show up).

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