The official comment period on the proposed Section 2704 regulations closed on November 2nd with 9,830 comments filed.
The Ways & Means Republicans also released a letter on November 3rd stating their strong opposition to the rules. The 24 committee members signed the letter, which states, “The proposed regulations as drafted represent a dramtic change from past practice and history and are not consistent with the congressional intent. In order to avoid immediate and substantial economic harm to family-owned businesses andn the jobs they create, these regulations should be withdrawn. any new proposal in this area should be clearly defined and narrowly targeted withink the reach of the applicable statutory rules.”
The IRS will host a public hearing on December 1st, where the issue is likely to be addressed.