The data is in! See what family owned businesses are saying about today’s challenges and opportunities.
Passthrough Deduction Eyed for Bigger Boost in Future Bill: House Republicans are weighing the possibility of a second major tax package following the recent enactment of their One, Big, Beautiful Bill Act (OBBBA, Public Law 119-21), which extends key provisions of the 2017 Tax Cuts and Jobs Act (TCJA, Public Law 115-97). A policy adviser to House leadership indicated that a future bill may revisit proposals from the House’s original version of the bill, including raising the passthrough business deduction from 20% to 23%, expanding retirement provisions under SECURE 2.0 and addressing technical corrections.
House Appropriations Subcommittee Markup of the FY26 FSGG Appropriations Bill: On Sunday evening, the House Appropriations Subcommittee on Financial Services and General Government (FSGG) released its fiscal year 2026 appropriations bill. See the key tax-related takeaways – click here.
Foreign Entity of Concern Rules Likely to Stifle Energy Tax Credit Claims: The OBBBA imposes new rules to prevent foreign entities from receiving U.S. tax credits on clean energy projects starting next year, significantly complicating access for solar and energy storage developers. These include complex requirements for tracing supply chains and contractual relationships to avoid involvement with “prohibited foreign entities,” such as companies tied to China or Russia. Legal and tax experts warn the rules are creating major compliance uncertainties that are already delaying project contracting and may ultimately discourage developers from pursuing projects potentially qualifying for investment or production tax credits. With the implementation timelines fast approaching and guidance still pending, many companies may hold off on projects or be unable to qualify under the tighter standards once final rules are issued.
TIGTA Releases Report on IRS Workforce Reductions: On Tuesday, the Treasury Inspector General for Tax Administration (TIGTA) found that the Internal Revenue Service (IRS) has experienced significant workforce reductions, with over 25,000 employees leaving between January and May due to resignations, retirements or layoffs. Among the hardest hit were tax examiners and revenue agents, with more than 7,000 departures combined. The office handling small business and self-employed taxpayers saw particularly steep losses, and workforce declines exceeded 30% in some Southern, Southwestern and Northeastern states. The IRS also cut 48 senior IT positions in March, and nearly 300 employees across the civil rights, taxpayer experience and equity offices received layoff notices.
From a potential boost to the passthrough deduction in a follow-up tax package to sweeping IRS budget cuts and controversial energy tax credit restrictions, recent developments on Capitol Hill are reshaping the future of tax policy. The global minimum tax is also under renewed scrutiny, with U.S. businesses mounting legal challenges abroad and G7 negotiations intensifying. Catch up on these fast-moving legislative and regulatory shifts—and what they could mean for your planning. Click to read the full article.
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Since 1995, Policy and Taxation Group has been the leading advocacy group working to reduce and eliminate estate tax, gift tax, and generation skipping transfer tax while blocking increased income tax and capital gains taxes, the creation of a wealth tax, and other hostile tax policies that punish hardworking taxpayers and success.
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