Beth Kaufman Weighs in on Tax Regulations Under New Biden Administration

Tax Notes

The Trump administration killed a much-maligned regulatory project on valuation discounts back in 2017, but with little room for maneuvering in Congress, the project could make a comeback under President-elect Joe Biden.

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“The one area that I think the IRS might try to crack down on by regulation would be valuation discounts,” Beth Shapiro Kaufman of Caplin & Drysdale told Tax Notes.

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Kaufman added that the regs' withdrawal doesn’t mean the Biden administration would bring them back unchanged. She also maintained that the IRS has “sufficient regulatory authority to try to address valuation discounts in any number of ways.”

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Kaufman anticipated that the estate and gift tax projects listed on Treasury’s latest update to the 2020-2021 priority guidance plan would likely remain priorities in the next administration.

Kaufman said many of those projects have been on the plan for several years and that the plan overall was dramatically slimmed down during the Trump administration. However, some of those missing items could make a comeback, she added.

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