It’s official – the Treasury Department today released a new report announcing they will withdraw the family business valuation rules that had threatened the family business community for more than a year!  Today’s announcement is a big win that will be celebrated by family businesses nationwide.

The report released today was in response to an earlier Executive Order instructing Treasury to identify and address regulations issued by the Department in 2016 that were harmful and/or exceeded Treasury’s authority.  In other words, the 2704 rules.  You can read the whole report here.  The portion addressing the valuation rules reads like …

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The Big Six released their “framework” today and it’s pretty good.  You can read all eight pages here, but key provisions for Main Street businesses include:

• A new, lower pass through tax rate of 25 percent;
• Full repeal of the estate tax; and
• Full repeal of the Alternative Minimum Tax.

Those three provisions represent long-time priorities of the Association and we applaud the Big Six for including them.  As S-Corp President Brian Reardon commented:

“Today’s release is good news for Main Street businesses and the families that work for them.  The Framework announced this morning would help Main Street …

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After months of meetings, the so-called Big Six are preparing to release some sort of summary of their work the weekend of the 23^rd.  The Ways & Means Republicans have a retreat that weekend, and Chairman Brady intends to use the time to sell the plan.  The idea is to get the Committee R’s comfortable, and then move on to the broader membership and the public.

What’s in the plan?  Recent conflicting accounts over rates suggests it’s still a moving target, but there are a few areas that seem firm.

For starters, we expect it will include a combination of specifics, options, …

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