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In 2015, President Obama signed the Bipartisan Budget Act (“BBA”) to extend the national debt limit and spending caps through 2017. The BBA also repealed and replaced the Tax Equality and Fiscal Responsibility Act of 1982 (“TEFRA”) to substantially change how the IRS makes tax audit adjustments to partnerships and LLCs that are treated like partnerships for tax purposes. Although the proposed regulations to implement the new rules were frozen by President Trump early this year, the IRS recently reissued them and the new regulations will likely be finalized after a public hearing on September 18, 2017.

After years of slow boiling anticipation, statements made by the IRS and the Treasury this year heated up the conjecture and anticipation which finally came to a head on August 2, 2016. I’m of course talking about the just-released proposed regulations under Internal Revenue Code Section 2704 and the far reaching, highly negative implications for closely held family entities and the whole area of family business succession planning.

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Garvey Schubert Barer’s family-owned and closely held businesses practice group comprises strategic advisors and core practitioners who understand the intersection between law and the unique challenges of running a family business. With more than one hundred years of combined experience, our family-owned and closely held businesses practice offers clients extensive resources and a knowledgeable team of family wealth advisors across the Unites States.
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