Advocacy

Last week, the "Big Six" released a new tax proposal titled the "Unified Framework for Fixing our Broken Tax Code." While laying out broad principles for tax reform, the Framework is lacking in details and does not speak specifically to the preservation or repeal of 1031 like-kind...

What brings farmers, small business owners, and legislators together to speak out about tax reform? Like-kind...

In a May 8, 2017 Tax Notes article, “Advocates Aim to Preserve Like-Kind Exchange in Tax Reform,” Emily Foster explores  the issue of repealing 1031 like-kind exchanges as part of the current tax reform efforts in Washington. In the absence  of specific guidance regarding like-kind exchanges in either the House GOP tax reform blueprint or President Trump's  one-page tax reform plan, analysts are looking closely at former House Ways and Means Committee Chair Dave Camp's 2014  tax reform draft, in which Camp had proposed repeal of Section 1031 in its entirety. 

Incorporating views from both opponents and advocates of like-kind exchange repeal, Foster's article discusses the history  of 1031 exchanges, how and by whom like-kind exchanges are currently used and the potential consequences of repeal.

Read the Tax Notes article by Emily L. Foster,  reposted with permission from Tax Analysts.

Original publication: Tax Notes by Tax Analysts. “Advocates Aim to  Preserve Like-Kind Exchange in Tax Reform,” by Emily L. Foster. May 8, 2017, pp. 726-730. For more Tax Notes content, please...

Early April is the expected date for committee discussions on a preliminary tax reform bill. Or is it May? Perhaps before the August recess? 

That was the comical consensus I received after attending 17 meetings in Washington D.C. last week. Lately, when monitoring the news out of our nation’s capital, we’ve all become a bit skeptical of what defines “good reporting.”  The proposed House tax plan labeled A Better Way is reported to have the full support of Republican lawmakers. However, some closed-door conversations with members of Congress last week provided me with an entirely different story. 

Is it Really A Better Way?

The only real consensus is that A Better Way has a lot of unanswered questions for U.S. business owners. This 35-page document seems to gloss over the fact that business owners want more out of tax reform than simplicity and a lower tax rate.  In order to grow, American business needs the ability to do things like expand operations, hire more people, acquire equipment, secure land and facilities, leverage debt...