The American Institute of CPAs encouraged Congress in written testimony to “make permanent changes to the estate tax as soon as possible” to provide certainty to taxpayers before the current rules expire at the end of this year.
The AICPA said, “The uncertainty of the tax law impedes proper estate planning for taxpayers, and the necessity to revise estate planning documents multiple times places an undue burden on taxpayers and the advisors. In addition, if no Congressional action is taken, on January 1, 2013, the 2001 legislation will sunset, which will create turmoil for gifts to multigenerational trusts to which GST exemption was allocated between 2001 and 2012.”
The AICPA outlined in its testimony the estate tax reforms it believes are most important and noted it first urged Congress to make many of the reforms in 2001 as part of the AICPA’s Study on Reform of the Estate and Gift Tax System. It also brought the proposed reforms to the attention of Congress in 2005, 2006 and 2011.
The written testimony was submitted June 8, 2012 to the House Small Business Committee’s Subcommittee on Economic Growth, Tax and Capital Access for the record of the Subcommittee’s May 31, 2012 hearing entitled “Planning for the Death Tax: Can Small Businesses Survive?”.
A copy of the cover letter to the Subcommittee is available online.
If you have questions or would like to speak to someone about the testimony, contact Shirley Twillman at email@example.com or 202.434.9220.