Your Expert Source for Section 2704
Are You and Your Clients Prepared for These Proposed Tax Increases?
Recently-proposed changes to Section 2704 of the IRS Code could hit individuals with an increase of as much as 50% on federal estate and gift taxes when interests in family businesses are transferred. The hike comes due to the removal of trusted valuation methods, and would result in inflated valuations, heftier taxes and, in some circumstances, the need to sell the businesses when such funds are not available. HSSK encourages all individuals with family-owned businesses to consult their estate and planning advisors immediately to seek out the best ways to mitigate risk and protect their assets moving forward.
Understand the Issue: Proposed Changes to Section 2704
Mitigate Risk and Protect Assets in the Wake of this Regulatory Change
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