IRS Practice & Procedure

    IRS Practice and Procedure Advocacy 

    Covered here is information related to trust, estate, gift, and generation-skipping transfer (GST) tax developments, including legislative and regulatory activity and AICPA comments suggesting improvements to the trust, estate, gift, and GST tax rules.

    The IRS Practice and Procedure Technical Resource Panel continues to monitor these advocacy issues.

    News and Developments

    Below are recent developments in this area:

    • AICPA Suggests IRS Announce Upcoming Filing Season Plan for Possible January 2014 Government Shutdown
    • AICPA submitted a letter and written statement on the state of the IRS and the IRS budget, February 5, 2014
    • AICPA Requests Resolution with Incorrect Letters on Form 3520 Reporting, Tax E-Alert, September 7, 2012
    • AICPA Suggestions to Congress on Estate Tax Reform, JofA Online, Sept. 13, 2012 & Tax E-Alert, June 22, 2012
    • Portability Could Die After 2012 – Planning Considerations, Tax E-Alert, August 24, 2012
    • Details Released on Draft New Form 706 Portability Election Procedures, Tax E-Alert, August 24, 2012
    • AICPA Portability Regulations Recommendations, September 14, 2012 and IRS Guidance on Portability, Tax E-Alert, June 22, 2012
    Key Advocacy Issues

    Registration of Tax Preparers

    Tools and information have been developed regarding the portability rules applicable to a spouse who died after 2010 and the entired applicable exclusion amount was not used.

    IRS Preparer Compliance Initiative

    AICPA continues to advocate to Congress for certainty and the need to extend the estate, gift, and GST current rules.

    Disclosure of Uncertain Tax Positions

    AICPA continues to monitor and comment on the trust investment advisory fee rules, including on legislation and regulations.

    Accounting Software

    AICPA continues to identify, monitor, and address various foreign trust reporting issues, including Forms 3520 and 3520A compliance.

    Comprehensive List of Advocacy Issues

    AICPA comments on many issues regarding trust, estate, and gift tax, both legislative and regulatory. Available are all the current comments, as well as prior year comments.
    Resources

    For practice support resources in this area, visit the IRS Practice and Procedure Resources page.

    It contains checklists, webinars, articles, tools and practice aids to assist members in tax practice.

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