The WSJ has this story about the IRS’ new proposed regulations on valuation discounts. If enacted, the new rules would curtail tax discounts on family business succession, farm/ranch, or closely held business interests: At stake are accounting and tax discounts which can dramatically reduce a business owner’s tax bill at death. The NYT has a similar story, and some commentators have good roundups of articles. Steve Akers (of Bessemer Trust) has these notes on the new proposed IRS regulations about valuation discounts (under Code §2704). Some think the regulations will be changed to a more taxpayer friendly form, while others think they exceed the IRS’ authority or may be ripe for legal challenges, but many commentators are urging clients considering a family LLC or family limited partnership (FLP) to act soon to ensure the discounts are still allowed by the IRS.

If my firm can help you with your family LLC or FLP needs, please call or email me at your convenience. My law firm, Johnson Law KC LLC, works with clients on estate planning and probate matters to help clients take care of their legal needs quickly and inexpensively, and has years of experience counseling clients on a variety of probate, estate planning, and trust administration issues. Call (913.707.9220) or email me (steve@johnsonlawkc.com) to schedule a free, convenient consultation.

(c) 2016, Stephen M. Johnson, Esq.