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Stay Ahead on Policy Updates. Week in Review: Power Shifts, Funding Battles, and Cryptocurrency Rules. - Pat Soldano

Johnson Elected Speaker: Shutdown Looms, Year-End Tax Bill Remains a Possibility. After a three-week speakership vacancy following Rep. Kevin McCarthy’s (R-CA) removal from the position on Oct. 3, the House voted 220-209 along party lines to elect Rep. Mike Johnson (R-LA) as its new speaker.
 
Speaker Johnson, prior to his election, released a Dear Colleague Letter on Oct. 23 outlining his plans to pass fiscal year (FY) 2024 appropriations measures quickly through the House. He also wrote in support of passing another stopgap measure to extend government funding beyond the current Nov. 17 deadline, with a new expiration date… (click to continue)

Senate Update: Minibus Slated for Floor Vote, Paul Amendment Would Rescind IRS Funding. On Oct. 24, Senate leadership reached a deal to advance the process of filing amendments to a $280 million “minibus” spending bill that includes its versions of the Military Construction-VA, Agriculture-FDA, and Transportation-HUD spending measures. As early as Nov. 1, the Senate plans to continue voting on amendments with the goal of passing the minibus later… (click to continue)

Puerto Rico Considers Entrance into GMT Deal. On Oct. 26, Puerto Rican Secretary of Treasury Francisco Parés Alicea stated that the island territory intends to take steps to incorporate a global minimum tax compliant with the Organisation for Economic Co-operation and Development’s Pillar Two global tax regime. Parés Alicea cited Pillar Two’s uncertain future in the United States as a primary reason for Puerto Rico to forge ahead in adopting the new regime, stating that widespread global adoption of Pillar Two rules would affect non-U.S.-based companies in Puerto Rico. Parés Alicea also noted that the companies with which he met requested additional tax credits or incentives to offset the additional tax burden resulting from the imposition of a minimum tax, to which Parés Alicea…(click to continue)

IRS Inundated with Comments on Crypto Reporting Rules As It Braces for 8 Billion Filings. On Oct. 25, Internal Revenue Service (IRS) Digital Assets Initiative Project Director Julie Foerster revealed that the agency has received more than 13,000 comments on proposed rules governing digital asset broker reporting requirements. As of Oct. 29, that number has grown to 26,588, with two weeks still remaining to submit comments. IRS Large Business and International Division Program Manager Bryan Stiernagle stated that, despite the influx of comments, the agency still expects to release final rules regarding cryptocurrency and other digital asset transactions on schedule. The IRS had extended the deadline for public comments from Oct. 30 to Nov. 13, in order to give crypto industry officials more… (click to continue)

About Brownstein Hyatt Farber Schreck
Brownstein Hyatt Farber Schreck is a unique law firm. Walk into any of our offices and you’ll immediately recognize a different type of energy. Complacency doesn’t have a place here. Flexibility and inspiration do. Our culture and enthusiasm allow our attorneys, policy consultants and legal staff to stay ahead of our clients’ needs and provide them with the resources they require to meet their business objectives.

We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…

As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a member.

The need for fact-based reporting of issues important to multi generational businesses and protecting a lifetime of savings has never been greater. Now more than ever, multi generational businesses and family businesses are under fire. That’s why Family Enterprise USA is passionately working to increase the awareness of issues important to generationally-owned family businesses 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 , possible elimination of valuation discounts, increase in capital gains tax , enactment of a wealth tax , and the continued burden of the gift tax , estate tax and generation skipping tax .


Family Enterprise USA promotes generationally owned family business creation, growth, viability, and sustainability by advocating for family businesses and their lifetime of savings with Congress in Washington DC.  Since 2007, Family Enterprise USA has represented and celebrated all sizes, professions and industries of family-owned enterprises and multi-generational employers. It is a bi-partisan 501.c3 organization. Family foundations can donate.


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Family Enterprise USA is the organization that represents all family businesses on a national level in DC; it is not unique to any industry. Family Enterprise USA is different from other organizations because it represents and advocates for the families of family businesses and the issues, they face running their businesses every day. Our sole mission and purpose is to promote family businesses and their job growth in America. We also support the work of Family Business Centers across the country. We hope your family will choose to be a member of Family Enterprise USA.