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Small Business Lobby Asks IRS to Nix Proposed Estate-Tax Rules

July 13, 2022, 6:31 PM

A leading small business lobbying group is urging the Treasury Department and IRS to withdraw proposed guidance that would place limits on when certain large gifts are exempt from estate tax.

The guidance “imposes an unnecessary and unjustified burden on small and independent businesses and other taxpayers,” the National Federation of Independent Business wrote in a letter to Treasury Secretary Janet Yellen released Wednesday .

At issue are proposed regulations released in April that relate to the fact that the 2017 tax law significantly increased the estate-tax exemption from 2018 through 2025.

The IRS in 2019 finalized ...