{"id":15371,"date":"2025-10-02T18:27:06","date_gmt":"2025-10-03T01:27:06","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=15371"},"modified":"2025-10-02T18:27:13","modified_gmt":"2025-10-03T01:27:13","slug":"taxation-representation-shutdown-tax-changes-key-updates-for-family-owned-businesses-ahead","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/taxes\/taxation-representation-shutdown-tax-changes-key-updates-for-family-owned-businesses-ahead\/","title":{"rendered":"Taxation & Representation: Shutdown & Tax Changes – Key Updates for Family-Owned Businesses Ahead"},"content":{"rendered":"

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Government Shutdown Outlook: On Sept. 29, House and Senate majority and minority leaders, also known as the \u201cBig 4,\u201d met with President Trump to discuss the imminent federal government shutdown.<\/strong><\/h2>\n

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The meeting ended without an agreement, leaving the government on track to shut down on Tuesday at midnight for the first time in over five years.<\/strong> <\/em><\/h3>\n

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Senate Minority Leader Chuck Schumer (D-NY) and House Minority Leader Hakeem Jeffries (D-NY) pressed for a broader deal that includes extending the enhanced Advance Premium Tax Credits (eAPTCs), reversing health care cuts from the One, Big, Beautiful Bill Act (OBBBA, P.L. 119-21) and limiting the Office of Management and Budget\u2019s (OMB) ability to rescind congressional funding unilaterally. Read more…<\/a><\/p>\n

On the agency side, the Treasury Department<\/strong> released its contingency plan for the\u00a0Internal Revenue Service (IRS)<\/a>\u00a0and\u00a0departmental offices<\/a> in case a deal is not reached. Due to supplemental funding from the Inflation Reduction Act (IRA, P.L. 117-169) available through 2031, the IRS will be able to maintain operations for five business days under the contingency plan. Read more…<\/a><\/p>\n

Electric Vehicle Tax Credit Comes to an End:<\/strong> As of Oct. 1, consumers can no longer claim federal tax credits for new, previously owned or qualified commercial clean vehicles. The OBBBA\u2019s enactment in July accelerated the phaseout and termination of several clean energy incentives, including sections 25E, 30D and 45W. Read more…<\/a><\/p>\n

Investment Strategies Shift Toward Clean Energy Projects Qualifying Under Expired Tax Credits:<\/strong> To avoid uncertainty in investment strategies, some investors are directing more capital toward clean energy projects that began construction before the Section 48 Investment Tax Credit (ITC) expired at the end of 2024. Banks and corporations are classifying Section 48-eligible projects as lower risk because they are shielded from the added uncertainties. Read more…<\/a><\/p>\n

IRS Issues Proposed Rulemaking for Tipped Income Deduction:<\/strong> On Sept. 22, the Treasury Department and the Internal Revenue Service (IRS) issued\u00a0proposed regulations<\/a> for the \u201cNo Tax on Tips\u201d provision enacted under the One, Big, Beautiful Bill Act (OBBBA). The provision allows workers in occupations that customarily and regularly received tips to deduct up to $25,000 in qualified tips per year from their income beginning in 2025 through 2028. Read more…<\/a><\/p>\n

IRS Workforce Reductions Affecting OBBBA Implementation:<\/strong> The Internal Revenue Service (IRS) Office of Chief Counsel is facing significant staffing shortages after more than 350 attorneys resigned from the office. The departures have left leadership gaps across several divisions as the agency works towards implementing the One, Big, Beautiful Bill Act (OBBBA). Read more…<\/a><\/p>\n

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Prepare Now for Shutdown & Tax Policy Uncertainty. Get clear, actionable insights on how it may be reshaping new government action.<\/span><\/a><\/strong><\/span><\/h3>\n

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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

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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 family owned businesses<\/a> and protecting a lifetime of savings<\/a> has never been greater. Now more than ever, successful families<\/a> and family owned businesses<\/a> are under fire. That’s why Family Enterprise USA<\/a> is passionately working to increase the awareness of issues important to family owned 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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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

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#incometax #CapitalGainsTax #R&DExpensing #DontPunishSuccess #GrantorTrusts #StepUpinBasis #likeKindExchanges #AcceleratedDepreciation #EstateTax #Deathtax #wealthtax #taxLegislation #CongressionalCaucus #incometaxrates #repealestatetax #AdvocatingForFamilyBusinesses #FamilyOwnedBusiness #WomenOwnedBusiness @FamilyEnterpriseUSA #FamilyEnterpriseUSA<\/p>\n

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Government Shutdown Outlook: On Sept. 29, House and Senate majority and minority leaders, also known as the \u201cBig 4,\u201d met with President Trump to discuss the imminent federal government shutdown.   The meeting ended without an agreement, leaving the government on track to shut down on Tuesday at midnight for the first time in over […]<\/p>\n","protected":false},"author":2,"featured_media":15373,"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-15371","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\/15371","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=15371"}],"version-history":[{"count":3,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/15371\/revisions"}],"predecessor-version":[{"id":15376,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/15371\/revisions\/15376"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/15373"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}