{"id":16642,"date":"2026-03-05T18:16:20","date_gmt":"2026-03-06T02:16:20","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=16642"},"modified":"2026-03-05T18:16:26","modified_gmt":"2026-03-06T02:16:26","slug":"taxation-representation-bipartisan-irs-reform-whats-really-changing","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/taxes\/taxation-representation-bipartisan-irs-reform-whats-really-changing\/","title":{"rendered":"Taxation & Representation: Bipartisan IRS Reform. What’s Really Changing?"},"content":{"rendered":"

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Crapo, Wyden Introduce Wide-Ranging Tax Administration Bill: On Feb. 26, Senate Finance Committee Chairman Mike Crapo (R-ID) and Ranking Member Ron Wyden (D-OR) introduced\u00a0S.3931<\/a>, the Taxpayer Assistance and Service Act, which includes several recommendations from the National Taxpayer Advocate (NTA) as well as other proposals. See What’s Inside.<\/a><\/strong><\/h2>\n

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Thune Seeks Proposals for Reconciliation 2.0: Last week, Senate Majority Leader John Thune (R-SD) began directing committees to develop ideas for a potential \u201cReconciliation 2.0\u201d package following the One Big Beautiful Bill Act (OBBBA, Public Law 119-21). However, he acknowledged that the very slim margins in the House and Senate make consideration of a budget reconciliation measure difficult to enact. Even after the president\u2019s State of the Union address last week, discussions around a second reconciliation bill continued, with several proposals focusing on issues outside the tax space by members hoping to achieve different legislative goals. See What’s Inside.<\/a><\/strong><\/em><\/h3>\n

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Lawmakers Introduce Proposals Targeting Institutional Investors:<\/strong> On Feb. 23, Senate Banking Committee Democrats, led by Sens. Elizabeth Warren (D-MA) and Jeff Merkley (D-OR), introduced the American Homeownership Act. The\u00a0bill<\/a> would\u00a0bar federal tax incentives and housing benefits for large institutional investors, including private equity firms and real estate investment trusts (REITS), and redirect the savings to affordable housing programs. It would also direct antitrust enforcers to review and block bulk corporate purchases of single-family homes. See What’s Inside.<\/a><\/p>\n

Sanders, Khanna Introduce Federal Wealth Tax:<\/strong> On Monday, Sen. Bernie Sanders (I-VT) and Rep. Ro Khanna (D-CA) introduced the Make Billionaires Pay Their Fair Share Act. The\u00a0bill<\/a>\u00a0would impose an annual 5% tax on the net value of a taxpayer\u2019s assets exceeding $1 billion. The revenue raised from the bill would be used to provide home health care to seniors through Medicaid and reverse the OBBBA Medicaid provisions. See What’s Inside.<\/a><\/p>\n

Democrats Discuss 2027 Affordability Agenda During Retreat:<\/strong> Last week, House Democrats gathered in Virginia to develop a 2026 midterm legislative agenda focused on affordability issues such as housing, utilities, groceries and care costs. House Minority Whip Katherine Clark (D-MA) emphasized drafting \u201csimple solutions\u201d such as expanding the child tax credit and raising the federal minimum wage, alongside reversing global tariffs and restoring Obamacare subsidies and safety-net cuts from the OBBBA. See What’s Inside.<\/a><\/p>\n

IRS Releases Schedule 1-A for OBBBA Deductions:<\/strong> On March 3, the IRS released the new\u00a0Schedule 1-A<\/a>\u00a0and Form 1040\u00a0instructions<\/a>\u00a0for tax year 2025, detailing deductions from the OBBBA including no tax on tips, no tax on overtime, no tax on auto loan interest, and the enhanced senior deduction. All the new deductions are above-the-line (standard or itemized). The instructions also provide worksheets\/examples. See What’s Inside.<\/a><\/p>\n

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IRS Drops New Deductions: No Tax on Tips & More. Urgent Tax Changes Hitting Your Wallet in 2026. Wealth Tax Alert as Sanders-Khanna propose 5% levy on revenue for families.<\/a><\/span><\/strong><\/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 #FEUSA<\/p>\n

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Crapo, Wyden Introduce Wide-Ranging Tax Administration Bill: On Feb. 26, Senate Finance Committee Chairman Mike Crapo (R-ID) and Ranking Member Ron Wyden (D-OR) introduced\u00a0S.3931, the Taxpayer Assistance and Service Act, which includes several recommendations from the National Taxpayer Advocate (NTA) as well as other proposals. See What’s Inside.   Thune Seeks Proposals for Reconciliation 2.0: […]<\/p>\n","protected":false},"author":2,"featured_media":16648,"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":[48,92,36,115],"tags":[],"class_list":["post-16642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-multi-generational-business","category-taxes","category-wealth-tax"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/16642","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=16642"}],"version-history":[{"count":4,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/16642\/revisions"}],"predecessor-version":[{"id":16660,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/16642\/revisions\/16660"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/16648"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}