New York, NY (PRWEB) November 18, 2016
PKF O’Connor Davies, LLP, one of the nation’s fastest growing accounting and advisory firms, today announced the publication of a new special edition article authored by Partner and CPA Alan S. Kufeld. The article, “Proposed Tax Regulations Jeopardize Valuation Discounts of Family-Owned Businesses and Family Limited Partnerships,” offers insights into proposed regulations that could have a significant impact on closely held businesses’ ability to transfer wealth to younger generations.
In the article, Kufeld breaks down details of the proposed rule changes from the U.S. Department of Treasury and outlines potential implications for key audiences. According to the piece, the new regulations, if approved, would virtually eliminate minority and marketability discounts as tools to transfer closely held businesses or portions of businesses to younger family members. A hearing to discuss the proposed regulations has been scheduled for Dec. 1, 2016.
“These types of discounted transfers have long been scrutinized by the Internal Revenue Service and prompted litigation, so it’s not surprising the Treasury wants to eliminate them,” said Kufeld. “If approved, the regulations will be finalized in 2017, so we are advising clients who wish to take advantage of valuation discounts to do so sooner rather than later.”
With more than 20 years of experience in the financial services sector, Kufeld is a recognized leader in the field of complex tax issues facing family-owned businesses and investment management companies with special expertise in regulatory compliance, closing funds and launching family offices.
The article is available on the PKF O’Connor Davies website.
About PKF O’Connor Davies, LLP
PKF O’Connor Davies, LLP is a full service Certified Public Accounting and advisory firm with a long history of serving clients both domestically and internationally. With roots tracing to 1891, 10 offices in New York, New Jersey, Connecticut and Maryland, and more than 600 professionals, led by over 100 partners, the Firm provides a complete range of accounting, auditing, tax and management advisory services.
PKF O’Connor Davies is ranked number 26 in Accounting Today’s 2016 “Top 100 Firms” list and the Firm is also recognized as a “Leader in Audit and Accounting,” a “Pacesetter in Growth” and one of the “Top Firms in the Mid-Atlantic.” PKF O’Connor Davies is ranked number 29 in INSIDE Public Accounting’s 2015 “Top 100 Firms” list and recognized as one of the “Top Ten Fastest-Growing Firms." In 2016, PKF O'Connor Davies was named one of Vault's Accounting 50, a ranking of the 50 best accounting employers to work for in North America, and ranked among the top 50 most prestigious accounting firms in America in a complementary Vault survey. The Firm is the 11th largest accounting firm in the New York Metropolitan area, according to Crain’s New York Business, and was named the 10th top accounting firm in New Jersey according to NJBiz’s 2016 rankings.
By consistently delivering proactive, thorough and efficient service, PKF O'Connor Davies has built long-lasting, valuable relationships with its clients. Partners are intimately involved in the day-to-day management of engagements, ensuring a high degree of client service and cost effectiveness. The Firm’s seasoned professional staff members employ a team approach to all engagements to provide clients with the utmost quality and timely services aimed at helping them succeed. Continuity of staffing and attention to detail in all client engagements make the Firm stand out among its competitors.
PKF O’Connor Davies is the lead North American representative of the international association of PKF member firms. PKF International is a network of legally independent member firms providing accounting and business advisory services in 440 locations in 150 countries around the world. With its tradition, experience and focus on the future, PKF O’Connor Davies is ready to help clients meet today’s ever-changing economic conditions and manage the growing complexities of the regulatory environment. For more information, visit http://www.PKFOD.com.