{"id":10683,"date":"2024-03-06T19:07:42","date_gmt":"2024-03-07T03:07:42","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=10683"},"modified":"2024-03-06T19:07:49","modified_gmt":"2024-03-07T03:07:49","slug":"taxation-representation-irs-crackdown-unveiling-wealthy-non-filers-initiative","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/taxes\/taxation-representation-irs-crackdown-unveiling-wealthy-non-filers-initiative\/","title":{"rendered":"Taxation & Representation: IRS Crackdown: Unveiling Wealthy Non-Filers Initiative"},"content":{"rendered":"

[et_pb_section fb_built=”1″ _builder_version=”4.16″ custom_padding=”4px|||||” global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_divider color=”#397389″ divider_weight=”2px” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_cta title=”Join the Effort to Persuade Your Representatives to Stop Harmful Policies and Excessive Regulation!” button_url=”https:\/\/www.congressweb.com\/PTG\/12\/” button_text=”Contact Your Representatives in Congress Today. Click Here.” admin_label=”Call To Action Top” _builder_version=”4.24.2″ _module_preset=”default” background_color=”#397389″ custom_button=”on” button_bg_color=”#ff0019″ custom_margin=”-17px|||||” custom_padding=”16px||19px|||” global_module=”9695″ saved_tabs=”all” global_colors_info=”{}”][\/et_pb_cta][et_pb_divider color=”#397389″ divider_weight=”2px” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text admin_label=”1″ _builder_version=”4.24.2″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n

Tax Package Update\u2014Crapo Goes Public:<\/span> On Feb. 28, Senate Finance Committee Ranking Member Mike Crapo (R-ID) issued a public statement regarding his current stance on the Tax Relief for American Families and Workers Act (H.R. 7024<\/a>), his first formal comment since the framework for the package was announced by House Ways and Means Committee Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR). In the statement, Ranking Member Crapo confirmed that he is willing to advance the bill, but that Senate Republicans will not \u201crubber-stamp\u201d the bill without an opportunity to amend the bill, emphasizing the expanded child tax credit (CTC). Crapo reiterated concerns regarding the CTC\u2019s \u201clookback\u201d provision\u2014which would allow families to calculate the amount of the CTC based on their earned income from the prior tax year\u2014as potentially disincentivizing work. Crapo\u2019s statement also expressed some Senate Republicans\u2019 growing concerns that the bill\u2019s provisions would retroactively apply to tax filers who have already filed their 2023 tax returns, resulting in potential compliance and processing issues.<\/p>\n

[\/et_pb_text][et_pb_divider color=”#397389″ divider_style=”dotted” disabled_on=”off|off|off” _builder_version=”4.19.5″ _module_preset=”default” custom_margin=”||14px|||” custom_padding=”10px||2px|||” global_colors_info=”{}”][\/et_pb_divider][et_pb_button button_url=”https:\/\/comms.bhfs.com\/rv\/ff00c2d856d92b4bbdd836b65948b08c6e277d94″ url_new_window=”on” button_text=”Stay Updated on Critical Tax Developments: Don’t Miss Biden’s State of the Union Address, IRS’s Wealthy Non-Filers Initiative, Senator Crapo’s Tax Relief Stand, DOE’s Hydrogen Tax Credit Efforts, and More! Click to Stay Informed!” admin_label=”Read More Button” _builder_version=”4.24.2″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_button][et_pb_divider color=”#397389″ divider_style=”dotted” disabled_on=”off|off|off” _builder_version=”4.19.5″ _module_preset=”default” custom_margin=”||14px|||” custom_padding=”10px||2px|||” global_colors_info=”{}”][\/et_pb_divider][et_pb_text admin_label=”2″ _builder_version=”4.24.2″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n

DOE May Seek to Modify Hydrogen Tax Guidance: <\/span>According to anonymous Department of Energy (DOE) staffers, the DOE is pushing the Treasury Department to relax its Section 45V hydrogen tax credit guidance, a credit enacted as part of the Inflation Reduction Act (IRA,\u00a0Pub. L. 117-169<\/a>). Despite being publicly supportive of the proposed regulations, DOE officials are reported to be concerned that the rules\u2019 clean-electricity restrictions, in particular the incrementality requirement, will hurt the agency\u2019s regional hydrogen production hubs program and hinder the development of the domestic hydrogen industry. According to these sources, DOE officials also have concerns about the proposed rules\u2019 hourly matching requirements and originally pushed the Treasury Department to adopt a less stringent approach before the proposed regulations were issued in December 2023. DOE did not confirm whether it is seeking changes to the tax guidance, nor have the White House and Treasury Department commented on the reports. The Treasury Department has received nearly 30,000 comments on the proposed regulations and is not expected to issue final guidance on the hydrogen credit until later this year, potentially after the November election.<\/p>\n

[\/et_pb_text][et_pb_divider color=”#397389″ divider_style=”dotted” disabled_on=”off|off|off” _builder_version=”4.19.5″ _module_preset=”default” custom_margin=”||14px|||” custom_padding=”10px||2px|||” global_colors_info=”{}”][\/et_pb_divider][et_pb_button button_url=”https:\/\/comms.bhfs.com\/rv\/ff00c2d856d92b4bbdd836b65948b08c6e277d94″ url_new_window=”on” button_text=”Stay Updated on Critical Tax Developments: Don’t Miss Biden’s State of the Union Address, IRS’s Wealthy Non-Filers Initiative, Senator Crapo’s Tax Relief Stand, DOE’s Hydrogen Tax Credit Efforts, and More! Click to Stay Informed!” admin_label=”Read More Button” _builder_version=”4.24.2″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_button][et_pb_divider color=”#397389″ divider_style=”dotted” disabled_on=”off|off|off” _builder_version=”4.19.5″ _module_preset=”default” custom_margin=”||14px|||” custom_padding=”10px||2px|||” global_colors_info=”{}”][\/et_pb_divider][et_pb_text admin_label=”3″ _builder_version=”4.24.2″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n

IRS Announces Effort to Combat Wealthy Return Non-Filers: <\/span>On Feb. 29, the Internal Revenue Department (IRS)\u00a0announced<\/a>\u00a0a new effort to identify high-income taxpayers who have failed to file at least one tax return in the last seven years, and thus may not be complying with their tax obligations. Potential evaders are reportedly being flagged using information received from third parties, such as Form W-2, that indicate that a filer had a tax-filing obligation yet neglected to file. The IRS stated that it will begin mailing CP59 Notices to roughly 20,000 to 40,000 delinquent taxpayers per week, starting with the taxpayers having the highest unreported income. At the launch of the initiative, IRS Commissioner Daniel Werfel said the IRS will \u201cultimately help ensure fairness for everyone who plays by the rules.\u201d The effort is part of a larger effort by the IRS to scrutinize wealthy individuals, large corporations and complex partnerships more closely through Inflation Reduction Act enforcement funding.<\/p>\n

[\/et_pb_text][et_pb_divider color=”#397389″ divider_style=”dotted” disabled_on=”off|off|off” _builder_version=”4.19.5″ _module_preset=”default” custom_margin=”||14px|||” custom_padding=”10px||2px|||” global_colors_info=”{}”][\/et_pb_divider][et_pb_button button_url=”https:\/\/comms.bhfs.com\/rv\/ff00c2d856d92b4bbdd836b65948b08c6e277d94″ url_new_window=”on” button_text=”Stay Updated on Critical Tax Developments: Don’t Miss Biden’s State of the Union Address, IRS’s Wealthy Non-Filers Initiative, Senator Crapo’s Tax Relief Stand, DOE’s Hydrogen Tax Credit Efforts, and More! Click to Stay Informed!” admin_label=”Read More Button” _builder_version=”4.24.2″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_button][et_pb_divider color=”#397389″ divider_style=”dotted” disabled_on=”off|off|off” _builder_version=”4.19.5″ _module_preset=”default” custom_margin=”||14px|||” custom_padding=”10px||2px|||” global_colors_info=”{}”][\/et_pb_divider][et_pb_text admin_label=”4″ _builder_version=”4.24.2″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n

Biden\u2019s State of the Union to Discuss Tax Issues: <\/span>President Biden is slated to deliver his fourth State of the Union address on Thursday, his last such address to Congress before the 2024 presidential election. Biden is expected to focus on the central themes of his reelection campaign, with a focus expected on individual and corporate taxation issues. Biden is likely to reiterate his vow not to raise taxes on individuals and families earning less than $400,000 per year, and he may renew his call on Congress to raise the maximum corporate tax rate from 21% to 28%, among other tax increases. Biden is expected to tout the infrastructural achievements of the CHIPS and Science Act, and may also highlight the Inflation Reduction Act\u2019s energy tax credits.<\/p>\n

[\/et_pb_text][et_pb_divider color=”#397389″ divider_style=”dotted” disabled_on=”off|off|off” _builder_version=”4.19.5″ _module_preset=”default” custom_margin=”||14px|||” custom_padding=”10px||2px|||” global_colors_info=”{}”][\/et_pb_divider][et_pb_button button_url=”https:\/\/comms.bhfs.com\/rv\/ff00c2d856d92b4bbdd836b65948b08c6e277d94″ url_new_window=”on” button_text=”Stay Updated on Critical Tax Developments: Don’t Miss Biden’s State of the Union Address, IRS’s Wealthy Non-Filers Initiative, Senator Crapo’s Tax Relief Stand, DOE’s Hydrogen Tax Credit Efforts, and More! Click to Stay Informed!” admin_label=”Read More Button” _builder_version=”4.24.2″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_button][et_pb_divider color=”#397389″ divider_style=”dotted” disabled_on=”off|off|off” _builder_version=”4.19.5″ _module_preset=”default” custom_padding=”6px|||||” global_colors_info=”{}”][\/et_pb_divider][et_pb_text disabled_on=”off|off|off” admin_label=”Brownstein Hyatt Farber Schreck Logo & About” _builder_version=”4.22.1″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/www.bhfs.com\/” link_option_url_new_window=”on” border_color_all=”#FFFFFF” border_style_all=”none” global_module=”6751″ global_colors_info=”{}”]<\/p>\n

\"\"<\/p>\n

About Brownstein Hyatt Farber Schreck
<\/strong>Brownstein Hyatt Farber Schreck is a unique law firm. Walk into any of our offices and you\u2019ll immediately recognize a different type of energy. Complacency doesn\u2019t have a place here. Flexibility and inspiration do.\u00a0Our culture and enthusiasm allow our attorneys, policy consultants and legal staff to stay ahead of our clients\u2019 needs and provide them with the resources they require to meet their business objectives.<\/p>\n

[\/et_pb_text][et_pb_divider color=”#397389″ divider_weight=”2px” disabled_on=”off|off|off” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text disabled_on=”off|off|off” admin_label=”Become a member text” _builder_version=”4.21.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_module=”5822″ global_colors_info=”{}”]<\/p>\n

We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…<\/em><\/h4>\n

As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a member.<\/p>\n

The need for fact-based reporting of issues important to multi generational businesses<\/a> and protecting a lifetime of savings<\/a> has never been greater. Now more than ever, multi generational businesses<\/a> and family businesses<\/a> are under fire. That’s why Family Enterprise USA<\/a> is passionately working to increase the awareness of issues important to generationally-owned family businesses<\/a> built on hard work, while continuing to strengthen our presence on Capitol Hill. The issues we fight for or against with Congress in Washington DC include high income tax rates<\/a>, possible elimination of valuation discounts, increase in capital gains tax<\/a>, enactment of a wealth tax<\/a>, and the continued burden of the gift tax<\/a>, estate tax<\/a> and generation skipping tax<\/a>.<\/p>\n

[\/et_pb_text][et_pb_button button_url=”https:\/\/familyenterpriseusa.com\/donate\/” button_text=”Become a Family Enterprise USA Member” button_alignment=”center” disabled_on=”off|off|off” admin_label=”Become FEUSA member button” _builder_version=”4.21.0″ _module_preset=”default” custom_button=”on” global_module=”6503″ global_colors_info=”{}”][\/et_pb_button][et_pb_divider color=”#397389″ divider_style=”dotted” divider_weight=”2px” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_video_slider disabled_on=”off|off|off” admin_label=”Video Slider Family Business Stories 2″ _builder_version=”4.21.0″ _module_preset=”default” global_module=”6670″ global_colors_info=”{}”][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=y9VszpRjVDM” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=03T2VODneEg” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=fHIxWaTwK64″ _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=TI7P07GbNdU&t=27s” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][\/et_pb_video_slider][et_pb_text disabled_on=”off|off|off” admin_label=”FEUSA Statement” _builder_version=”4.21.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_module=”5910″ saved_tabs=”all” global_colors_info=”{}”]<\/p>\n

\n

Family Enterprise USA<\/a> promotes generationally<\/a> owned family business<\/a> creation, growth, viability, and sustainability by advocating for family businesses<\/a> and their lifetime of savings with Congress<\/a> in Washington DC.\u00a0 Since 2007, Family Enterprise USA<\/a> has represented and celebrated\u00a0all sizes, professions and industries of family-owned enterprises and multi-generational<\/a> employers. It is a bi-partisan 501.c3 organization.\u00a0Family foundations can donate.<\/a><\/p>\n

\n

[\/et_pb_text][et_pb_text disabled_on=”off|off|off” admin_label=”Hash tags & Tags” _builder_version=”4.21.0″ _module_preset=”default” global_module=”6498″ global_colors_info=”{}”]<\/p>\n

#incometax #taxseason #federaltaxpolicy #taxation #EstateTax #Deathtax #wealthtax #taxLegislation #CongressionalCaucus #CapitalGainsTax #incometaxrates #incometaxseason #taxrefund #taxreturn #incometaxreturn #gifttax #Generationskippingtax #InheritanceTax #repealestatetax #FamilyBusiness #promotefamilybusinesses #familyowned #supportlocalbusiness #womeninbusiness #AdvocatingForFamilyBusinesses #Generationallyowned #Multigenerationalbusiness\u00a0 @FamilyEnterpriseUSA @PolicyAndTaxationGroup @DitchTheEstateTax #FamilyEnterpriseUSA #PolicyAndTaxationGroup #DitchTheEstateTax<\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"

Tax Package Update\u2014Crapo Goes Public: On Feb. 28, Senate Finance Committee Ranking Member Mike Crapo (R-ID) issued a public statement regarding his current stance on the Tax Relief for American Families and Workers Act (H.R. 7024), his first formal comment since the framework for the package was announced by House Ways and Means Committee Chairman […]<\/p>\n","protected":false},"author":2,"featured_media":10685,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","footnotes":""},"categories":[43,48,92,78,76,36],"tags":[],"class_list":["post-10683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estate-taxes","category-family-businesses","category-multi-generational-business","category-in-the-news","category-income-taxes","category-taxes"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/10683","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10683"}],"version-history":[{"count":4,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/10683\/revisions"}],"predecessor-version":[{"id":10690,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/10683\/revisions\/10690"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/10685"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}