Topics: Tax Reform

IRS Releases Fact Sheet on Tax Reform Changes for Businesses

The IRS released a fact sheet summarizing changes from the Tax Cuts and Jobs Act that affect business taxpayers. More

IRS Proposes New Rules Regarding Pass-Through Entities

In early August the Trump Administration proposed regulations that would implement and interpret the new rules governing pass-through entities pursuant to the comprehensive tax reform law that was enacted last year. As a general matter, section 199A of the tax reform law allows taxpayers other than corporations a deduction of 20 percent of qualified business income earned in a qualified trade or business, subject to certain limitations. More

NATSO Summary and Analysis of Tax Reform Legislation for Truckstops and Travel Plazas Members Only Join or Login

In late December, 2017, Congress passed the most comprehensive rewrite of the U.S. tax code in more than 20 years. The legislation contains a litany of substantial policy changes that will have direct implications for travel plaza and truckstop businesses. NATSO has provided for its members this detailed summary and analysis of this legislation and the affect it could have on their businesses. More

NATSO ANALYSIS: Treatment of Pass-Through Entities Subject to Debate as Tax Reform Legislation Enters Final Stretch

Determining how to treat businesses organized as pass-throughs has been one of the more controversial components of the tax reform legislation that congressional negotiators are attempting to finalize before Congress breaks for Christmas. More

House Republicans Introduce Tax Reform Measure

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The House Ways and Means Committee on Nov. 2 released the Tax Cuts and Jobs Act to overhaul major aspects of the U.S. Tax system. The bill will be the subject of Committee consideration next week, kicking off formal tax committee action on the first such overhaul of the U.S. tax system in more than 30 years. Senate Finance Committee Chairman Orrin Hatch (R-UT) announced that he plans to release a Senate Republican version of a tax reform bill after the Ways and Means Committee completes its work, as soon as November 9. The Senate Finance Committee could consider its own plan at the same time the full House votes on its plan in an effort to make as much progress as possible on the legislation prior to Thanksgiving. More

Treasury Department Withdraws Regulations Increasing Estate Tax Burden on Family Businesses

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In a positive development for NATSO members and family businesses throughout the country, the Treasury Department has formally announced that it will withdraw the so-called "Section 2704 regulations" on family business valuation. These regulations would have increased the estate tax (aka "death tax") burden on family businesses. More

NATSO Joins Coalition in Opposing Border Adjustment Tax

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NATSO joined a coalition of more than 120 retailers and trade associations representing millions of jobs in opposing the border-adjustment tax (BAT) proposal in the House Republican’s tax reform plan. More

NATSO, Family Business Coalition Urge Repeal of Death Tax

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NATSO joined more than 132 small business and advocacy organizations across the United States in supporting the Death Tax Repeal Act of 2017, which would end the federal estate tax. More

NATSO Opposes Changes to Estate Tax

NATSO has been working with the Family Business Coalition to oppose the Department of Treasury's proposed changes to estate and gift tax valuation discounts. As a practical matter, the proposed changes -- which are still be evaluated and have not been finalized -- will significantly change family businesses' succession plans and make it harder for family owned businesses to transition to the next generation. More

NATSO Urges Congress to Maintain LIFO as Acceptable Accounting Method

NATSO urged members of the House Ways and Means Committee to recognize the severe economic consequences that could result from repealing or modifying the last-in, first-out (LIFO) accounting method and maintain it as an acceptable inventory accounting method. More