Treasury Plans to Pull Unpopular Discount Regulation

By:  Amanda Wilson

As discussed earlier this summer, Treasury and the IRS identified as a burdensome regulation the Proposed Regulations under Section 2704 of the Internal Revenue Code, which regulations would severely impact discounts on gifts made to family members.  (Our prior discussion can be found here.)   Today, Treasury issued a report announcing that it proposes revoking the proposed regulations.  This is good news for taxpayers. read more

Proposed Regulations Limiting Discounts on Family Gifts Targeted for Reform

By:  Amanda Wilson

Last summer, we discussed the IRS’s issuance of new Proposed Regulations under Section 2704 of the Internal Revenue Code, which regulations would severely impact discounts on gifts made to family members.  (Our prior discussion can be found here.)   Earlier this year, the Trump Administration issued an executive order instructing the Treasury Department to review all significant tax regulations issued after December 31, 2015 and identify any regulations that impose an undue burden on taxpayers.  The Treasury Department and IRS have completed this review, and have identified eight burdensome regulations that should be reformed.  The good news for taxpayers is that the Proposed Regulations under Section 2704 are on this list. read more