{"id":13232,"date":"2025-01-16T17:59:43","date_gmt":"2025-01-17T01:59:43","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=13232"},"modified":"2025-01-16T19:12:13","modified_gmt":"2025-01-17T03:12:13","slug":"taxation-representation-navigating-the-final-biden-treasury-irs-guidance","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/taxes\/taxation-representation-navigating-the-final-biden-treasury-irs-guidance\/","title":{"rendered":"Taxation & Representation: Navigating the Final Biden Treasury\/IRS Guidance"},"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=”Your Perspective Matters: Complete Our Family Business Survey” button_url=”https:\/\/familyenterpriseusa.com\/2025-annual-family-business-survey\/?utm_source=FEUSA&utm_medium=cta&utm_campaign=2025Survey” button_text=”Take 5 minutes to share your insights and gain access to our exclusive 2025 webcast.” disabled_on=”off|off|off” admin_label=”Call To Action Top” _builder_version=”4.27.4″ _module_preset=”default” header_font_size=”22px” 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=”4.27.4″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n

Navigating the Final Biden Treasury\/IRS Guidance<\/p>\n

Over the last week, the Treasury Department and Internal Revenue Service released numerous regulations and other guidance spanning multiple aspects of the tax universe. Click here to view the table listing<\/a> the released regulations and guidance and where to find them in today\u2019s issue of Taxation and Representation.<\/p>\n

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Reconciliation State of Play: Debate Continues on Bill Strategy and Payfors: <\/span>Despite House Speaker Mike Johnson\u2019s (R-LA) intention to reach a final decision by Jan. 9 on how congressional Republicans would proceed with the budget reconciliation process, the House and Senate Republican Conferences remain divided on whether to pursue one, two or even three reconciliation bills for border, immigration, energy and tax issues, all top priorities for President-elect Donald Trump and his incoming administration. While initially signaling a preference for one bill, Trump has more recently remained open on the final strategy, stressing that it doesn\u2019t matter how many bills congressional leaders pass because \u201cthe end result is going to be the same.\u201d<\/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\/ff00deab68f52dbb8465b529184b9dbcfb383460″ url_new_window=”on” button_text=”Reconciliation Strategy Divisions, Debate on Tax Bill Offsets, Democratic Call for Bipartisanship on TCJA Renewal, Trump’s Engagement with SALT Caucus Republicans, SALT Deduction Reform Proposals, Final IRS Clean Energy Tax Credit Regulations, and more. Click here to continue reading.” button_alignment=”center” admin_label=”Read More Button” _builder_version=”4.27.4″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][\/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=”4.27.4″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n

11 Senate Democrats Urge Republican Colleagues to Pursue Bipartisanship in TCJA Negotiations: <\/span>Led by Sens. Catherine Cortez Masto (D-NV) and Mark Warner (D-VA), 11 Senate Democrats wrote\u00a0a letter<\/a>\u00a0to Senate Majority Leader John Thune (R-SD) and Senate Finance Committee Chairman Mike Crapo (R-ID) urging them and the Senate Republican Conference to work with Democrats in navigating the renewal of the expiring tax provisions in the Tax Cuts and Jobs Act (TCJA, Pub. L. 115-97). The lawmakers note the difficulties in passing a tax bill, given the budgetary consequences of passing a clean TCJA extension, and warn against passing \u201ca fully deficit-financed, partisan\u201d bill that \u201ccould risk raising costs for families, driving up interest rates for Americans looking to purchase a home, and increasing borrowing costs for American businesses and consumers.\u201d The senators urge bipartisan tax reforms, given some aligned priorities between some Democrats and Republicans to \u201creduce deficit concerns \u2026 promot[e] pro-family tax policy, \u2026 [and] ensure the permanence of a competitive tax code for American businesses.\u201d<\/p>\n

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Trump Meets with SALT Caucus Republicans:<\/span> Last weekend, President-elect Donald Trump held meetings at Mar-a-Lago with several groups of Republicans, including House Republicans representing districts in the high-tax states of California, New York and New Jersey who are concerned about the cap on the state and local tax (SALT) deduction. Trump was reportedly receptive to the members\u2019 requests for SALT reform, telling them to negotiate a \u201cfair number\u201d with other congressional Republicans. Negotiations are expected to be comprehensive, given the opposition to SALT reform by many Senate and House Republicans.<\/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_text admin_label=”5″ _builder_version=”4.27.4″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n

Treasury Department, IRS Issue Final Regulations on Sections 45Y and 48E Technology-Neutral Tax Credits:<\/span> On Jan. 7, the Treasury Department and Internal Revenue Service (IRS) issued\u00a0final regulations<\/a>\u00a0for the Section 45Y Clean Electricity Production Credit and the Section 48E Clean Electricity Investment Credit, both of which were enacted as part of the Inflation Reduction Act (Pub. L. 117-169<\/a>). The final regulations remain largely the same as last year\u2019s proposed regulations, with only modest changes to the requirement that energy facilities placed in service after Dec. 31, 2024, must have zero greenhouse gas emissions in order to qualify for the credit. The regulation differentiates between two types of energy facilities: (1) combustion and gasification (C&G) facilities; and (2) non-combustion and gasification (non-C&G), which the regulations apply to many of the current technologies, including wind, solar, hydropower, geothermal and nuclear. These two categories have different methodologies for determining their emissions. While combustion and gasification facilities must account for anticipated net lifecycle greenhouse gas emissions, including the full scope of fuel and feedstock production as well as any indirect emissions, the regulations provide that non-C&G facilities are required to take into account only emissions resulting from the production of electricity.<\/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\/ff00deab68f52dbb8465b529184b9dbcfb383460″ url_new_window=”on” button_text=”Reconciliation Strategy Divisions, Debate on Tax Bill Offsets, Democratic Call for Bipartisanship on TCJA Renewal, Trump’s Engagement with SALT Caucus Republicans, SALT Deduction Reform Proposals, Final IRS Clean Energy Tax Credit Regulations, and more. Click here to continue reading.” button_alignment=”center” admin_label=”Read More Button” _builder_version=”4.27.4″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][\/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

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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

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#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

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Navigating the Final Biden Treasury\/IRS Guidance Over the last week, the Treasury Department and Internal Revenue Service released numerous regulations and other guidance spanning multiple aspects of the tax universe. Click here to view the table listing the released regulations and guidance and where to find them in today\u2019s issue of Taxation and Representation.Reconciliation State […]<\/p>\n","protected":false},"author":2,"featured_media":13234,"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":[48,43,92,76,36],"tags":[],"class_list":["post-13232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-estate-taxes","category-multi-generational-business","category-income-taxes","category-taxes"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/13232","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=13232"}],"version-history":[{"count":3,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/13232\/revisions"}],"predecessor-version":[{"id":13237,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/13232\/revisions\/13237"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/13234"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}