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TREASURY PROVIDES LITTLE CERTAINTY ON TRANSFERRING FAMILY BUSINESSES

Last summer, proposed changes to Section 2704 of the Internal Revenue Code appeared to be tightly constraining the benefits of certain transfers of family-controlled business assets by eviscerating discounts that might be available to such transfers. The proposed changes caused a visceral reaction within much of the accounting, financial planning and legal industries as it started a clock on implementing those strategies before a potential change.

Fast forward five months. With the Trump administration not indicating if it would support or oppose the changes, much of the uncertainty remains. However, on Jan. 10, Kathy Hughes of the Treasury Department Office of Tax Policy spoke at the 51st Annual Heckerling Institute on Estate Planning about the anticipated changes that might be implemented. First, she indicated that work on revising the proposed regulations continues in light of public comments and that those changes will not be finalized before the Trump administration takes office. However, more interestingly, she indicated that a three-year look-back rule would not be retroactive to before the effective date of the regulations, whenever that may be. This rule will require that any transfer to survive the transferor's life by three years in order for certain discounts to apply.

In light of the exclusion from look-back review, those business owners seeking to take advantage of certain transfer and estate planning tools would be well served by reviewing their options now, before the new regulations are finalized. For planning assistance, contact your professional at UHY LLP in Detroit 313 964 1040, Farmington Hills 248 355 1040 or Sterling Heights 586 254 1040, or visit us on the web.


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2/7 AUTOMOTIVE UPDATE
Save the date for 2017 Automotive Update on Tuesday, February 7 from 7:30-10AM at UHY's training center in Sterling Heights. Discussions include legislative update, automotive outlook and M&A. This complimentary seminar is brought to you by Michigan Manufacturers Association (MMA), Sterling Heights Regional Chamber of Commerce (SHRCCI), UHY LLP and LMC Automotive. Click here to register.

2/16 UHY CARES TENTH ANNUAL D.M.G.C. TEXAS HOLD 'EM TOURNAMENT
We hope you can once again join us for a fun night of cards and networking for a great cause! This year's charity poker tournament will be held on Thursday, February 16 at The Iroquois Club. Registration is at 6. Game starts promptly at 7. $100 buy-in and $50 re-buy. Contact Jessica Labut to save your spot! Cash, check or credit card contributions accepted in advance or at the door. Sponsorship opportunities available. UHY Cares in cooperation with UHY LLP, the D.M.G.C. and the McCarty family hope to see you there!




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