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Trust, Estate and Gift Tax 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 Trust, Estate and Gift Technical Resource Panel continues to monitor these advocacy issues.


News and Developments

	Below are recent developments in this area: President's Fiscal Year 2014 Budget proposal includes estate tax provisions. AICPA comments on Medicare surtax and trusts and estates. IRS - sending letters on Form 3520 processed - responding (May 2013 update, Dec. 2012 Update, CPA Advocate, October 18, 2012) to AICPA Requests Resolution with Incorrect Letters on Form 3520 Reporting, Tax E-Alert, September 7, 2012 AICPA Portability Regulations Recommendations, September 14, 2012 and IRS Guidance on Portability, Tax E-Alert, June 22, 2012 AICPA legislative proposal on exempt from Form 1041-A filing requirement trusts with charitable deductions only from flow-through entities, October 19, 2012

Below are recent developments in this area:

President's Fiscal Year 2014 Budget proposal includes estate tax provisions.
AICPA comments on Medicare surtax and trusts and estates.
IRS - sending letters on Form 3520 processed - responding (May 2013 update, Dec. 2012 Update, CPA Advocate, October 18, 2012) to AICPA Requests Resolution with Incorrect Letters on Form 3520 Reporting, Tax E-Alert, September 7, 2012
AICPA Portability Regulations Recommendations, September 14, 2012 and IRS Guidance on Portability, Tax E-Alert, June 22, 2012
AICPA legislative proposal on exempt from Form 1041-A filing requirement trusts with charitable deductions only from flow-through entities, October 19, 2012


Key Advocacy Issues

	Portability (2011 and later years deaths) Tools and information have been developed regarding the portability rules applicable to a spouse who died after 2010 and the entered applicable exclusion amount was not used.
	Estate Tax Legislation/Reform AICPA continues to advocate to Congress for simplification of the estate, gift, and GST current rules.
	Trust Investment Advisory Fees AICPA continues to monitor and comment on the trust investment advisory fee rules, including on legislation and regulations. Medicare Surtax and Trusts and Estates AICPA submitted comments to the IRS on the new Medicare surtax and trusts and estates.
	Foreign Trust Reporting 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 Trust, Estate and Gift Tax Resources page.

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