When the IRS proposes a rule changing the valuation of interests in closely held businesses, it’s bad for franchisees.
Multi-unit franchisees were well represented among the more than 8,000 written responses to the proposed change. And on December 1, among the nearly 40 citizens who spoke at the IRS public hearing (“Estate, Gift, and Generation-Skipping Transfer Taxes; Restrictions on Liquidation of an Interest”) were Keith Miller, a Subway franchisee and chair of the Coalition of Franchisee Associations (CFA), and Rob Branca, a Dunkin’ Donuts franchisee and vice chair of the CFA. The CFA represents 41,000 franchisees at 86,000 locations employing about 1.4 million people.
Read entire article here.