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Theurer to Perform Duties of Treasury Deputy Secretary:<\/strong> On Tuesday, Treasury Secretary Bessent\u00a0announced<\/a> that Derek Theurer, current counselor to the secretary, will perform the duties of deputy secretary of the Treasury Department. In March, Theurer was nominated to be deputy undersecretary for legislative affairs and had his confirmation hearing in late July. Read more… <\/a> SFC Holds Meeting to Report Nominations, Including IRS Chief Counsel:<\/strong> The Senate Finance Committee held a committee meeting and favorably reported the nominations of Jonathan Greenstein to be a deputy undersecretary of the Treasury Department, Donald Korb to be chief counsel for the Internal Revenue Service (IRS) and Derek Theurer to be a deputy undersecretary of the Treasury Department. Read more… <\/a><\/p>\n SFC Holds Hearing on Digital Asset Taxation:<\/strong> Last week, the Senate Finance Committee convened a hearing examining the taxation of digital assets. Lawmakers broadly agreed on the need to modernize the tax code but diverged on how to proceed. Industry representatives urged the committee to consider exemptions for small transactions and options to defer certain gains. Read more… <\/a><\/p>\n Barrasso, Moreno Ask IRS and Treasury Department to End EV Credit \u2018Loophole\u2019:<\/strong> Sens. John Barrasso (R-WY) and Bernie Moreno (R-OH) wrote to Treasury Secretary and Acting IRS Commissioner Scott Bessent requesting action to address what they view as a conflict with congressional intent under the One, Big, Beautiful Bill Act (OBBBA) to terminate the electric vehicle credits enacted as part of the Inflation Reduction Act (IRA) in 2022. Read more… <\/a><\/p>\n On Social Media, President Trump Delays Truck Tariff Implementation:\u00a0<\/strong>On Oct. 6, President Trump\u00a0announced<\/a>\u00a0in a social media post that a 25% tariff on all imported medium- and heavy-duty trucks will take effect on Nov. 1, delaying his original Oct. 1 timeline. The president previously\u00a0posted about<\/a>\u00a0the tariff on Sept. 25, but no action has been taken to date to implement the new duty. Read more… <\/a><\/p>\n President Trump and Brazilian President Lula Speak By Phone:<\/strong> On Oct. 6, President Trump spoke by phone with Brazilian President Luiz In\u00e1cio Lula da Silva. The discussion marks an initial step toward easing tensions between the nations, which have escalated since the United States imposed a 50% tariff on Brazilian goods. The duty combines the 10% baseline tariff and the 40% tariff imposed in response to specific actions taken by the government of Brazil. Read more… <\/a><\/p>\n Sen. Wyden Reintroduces Joint Resolution to Repeal Reciprocal Tariffs:<\/strong> On Oct. 9, Senate Finance Committee Ranking Member Ron Wyden (D-OR) reintroduced a privileged joint resolution to terminate the national emergency declared to impose reciprocal tariffs as well as the universal baseline 10% tariff (S.J.Res.88<\/a>). In April, he forced a vote in the Senate on a similar measure (S.J.Res.49<\/a>), which was narrowly defeated by a vote of 50-49. Read more… <\/a><\/p>\n Sen. Scott Advocates for Tariffs on Generic Drugs:<\/strong> On Oct. 3, Sen. Rick Scott (R-FL) sent a\u00a0letter<\/a>\u00a0to Commerce Secretary Howard Lutnick and U.S. Trade Representative (USTR) Jamieson Greer, advocating for the imposition of tariffs on generic pharmaceuticals. The letter comes as President Trump\u00a0announced<\/a>\u00a0a 100% tariff would be imposed on \u201cbranded and patented\u201d pharmaceuticals, but did not clarify whether a future tariff could target generic pharmaceuticals. Read more… <\/a><\/p>\n China Tightens Export Controls on Rare Earths and Technology:<\/strong> On Oct. 9, China\u2019s Ministry of Commerce (MOFCOM) announced the implementation of new export controls targeting rare earths and advanced technologies, including semiconductors, effective Dec. 1, 2025. The new rules require that foreign entities obtain a license to export any foreign-made product containing as little as 0.1% Chinese-origin rare earth materials or produced using Chinese technologies to destinations outside China. Read more… <\/a><\/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=”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 About Brownstein Hyatt Farber Schreck [\/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=”4.27.4″ 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 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 [\/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” disabled_on=”on|on|on” _builder_version=”4.27.4″ _module_preset=”default” disabled=”on” global_colors_info=”{}”][\/et_pb_divider][et_pb_video_slider disabled_on=”on|on|on” admin_label=”Video Slider Family Business Stories 2″ _builder_version=”4.27.4″ _module_preset=”default” disabled=”on” 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 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 [\/et_pb_text][et_pb_text disabled_on=”off|off|off” admin_label=”Hash tags & Tags” _builder_version=”4.27.4″ _module_preset=”default” global_module=”6498″ global_colors_info=”{}”]<\/p>\n #incometax #CapitalGainsTax #R&DExpensing #DontPunishSuccess #GrantorTrusts #StepUpinBasis #likeKindExchanges #AcceleratedDepreciation #EstateTax #Deathtax #wealthtax #taxLegislation #CongressionalCaucus #incometaxrates #repealestatetax #AdvocatingForFamilyBusinesses #FamilyOwnedBusiness #WomenOwnedBusiness @FamilyEnterpriseUSA #FamilyEnterpriseUSA<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Bisignano, Koopman Join IRS Leadership: The Internal Revenue Service (IRS) has announced significant leadership changes amid ongoing agency restructurings. Secretary Bessent will remain as acting IRS commissioner, although Sen. Chuck Grassley (R-IA) said that he had been given assurances that President Trump would nominate a permanent IRS commissioner at some point in the near term. […]<\/p>\n","protected":false},"author":2,"featured_media":15493,"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-15491","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\/15491","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=15491"}],"version-history":[{"count":3,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/15491\/revisions"}],"predecessor-version":[{"id":15496,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/15491\/revisions\/15496"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/15493"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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<\/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>\nWe hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…<\/em><\/h4>\n
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