|
Regulation and Administration
This section includes information on regulation related to estate, gift, and trust taxation.
April 17, 2009 AICPA Comments to Treasury on Additional Concerns with Section 67(e) Regulations on Estate and Trust Administration Costs After Knight v. CIR
IRS Charitable Contribution Comment Letter
The AICPA has provided comments on the proposed regulations relative to "Substantiation and Reporting Requirements for Cash and Noncash Charitable Contribution Deductions" (REG-140029-07), as published in the Federal Register on August 7, 2008. To view the comment letter, click here
September 24, 2008. AICPA Comments to IRS on Proposed Regs on Extended Due Date for Trusts and Estates - Form 1041
September 22, 2008. AICPA Submission to IRS on AICPA Draft Form 1041NR, U.S. Income Tax Return for Foreign Estates and Trusts, and Relevant Schedules for Consideration by the IRS
AICPA Comments on Proposed IRS Regs on Alternate Valuation/Kohler
AICPA Comments on Proposed IRS Regs/Procedures for Granting an Extension of Time with regard to the GST Tax Exemption
AICPA Thanks IRS for Interim Guidance on Trust Investment Advisory Fees
On March 11, 2008, the AICPA thanked the IRS and Treasury for issuing interim guidance on the treatment of trust investment advisory fees for 2007 returns. Learn More>>
AICPA Comments on Foreign Gift Threshold and Foreign Trust Issues
On March 3, 2008, the AICPA offered comments on the foreign gift threshold and followed up on the IRS response to January 2007 AICPA comments on foreign trust issues. Learn More>>
AICPA Comments on Estate and Trust Administration Costs After Knight
On February 8, 2008, the AICPA offered comments to the IRS on issues affecting estate and trust administration costs after the Supreme Court's ruling in Knight v. Commissioner. Learn More>>
On January 23, 2007, the AICPA commented on proposed regs that would treat tax strategy patents as reportable transactions. Learn More>>
AICPA Comments on Distribution Committee Rules
On November 12, 2007, the AICPA commented on IR -2007-127 relating to distribution committees. Learn More>>
AICPA Comments on Proposed Section 67(e) Regs on Trust Advisory Fees
AICPA Comments on Proposed Changes to UPIA
AICPA Comments on Proposed Regs on Affect of Post-Death Events on Estate Valuation
AICPA Requests Guidance on Allocating Indirect Deductions for CRTs
June 26, 2007. This letter requests IRS provided guidance on the allocation of indirect deductions for CRTs. Learn More>>
AICPA Requests Guidance on Split Gifts When Donee Spouse Has an Interest
June 26, 2007.
AICPA Asks for Simplified Extension Procedure to Elect Out of Automatic GST Allocation
June 26, 2007.
AICPA Asks for Guidance on GST Allocation at the End of the ETIP
June 26, 2007. This letter requests IRS guidance on the allocation of GST exemption to a trust at the end of the estate tax inclusion period (ETIP) or electing out of the automatic allocation rules at the end of the ETIP. Learn More>>
AICPA Comments on Foreign Trust Reporting Forms
On January 31, 2007, the AICPA submitted comments to the IRS on various foreign trust reporting issues. The comments address issues related to foreign trusts, foreign gifts, Canadian registered education savings plans, and nonresident aliens and Notice 97-34 and various foreign trust regulations. The comments also include 15 specific recommendations related to revisions, filing changes, and extensions for Forms 8891, 3520, and 3520-A, and 1040NR, and creating a Form 1041NR for foreign grantor trusts with U.S. owners. Learn More>>
AICPA Suggests Parameters for Private Trust Company Guidance
|
Spousal Rights Election and CRTs Under Section 664
June 8, 2005. The AICPA expresses concerns about Rev. Proc 2005–24, saying it creates many traps for the unwary and has the potential to disqualify every inter vivos charitable remainder trust, created on or after June 28, 2005. Learn More>>
|
|
Alert on IRS Requiring Spousal Waivers to Avoid CRT Disqualification
This alert discusses the IRS recently issued controversial Rev. Proc. 2005-24, which requires spousal waivers to avoid disqualification of certain charitable remainder trusts (CRTs), whether they are charitable remainder annuity trusts or unitrusts. It briefly covers some background on the new rules and urges practitioners to read the guidance. Learn More>>
|
|
IRS Revenue Procedures on Charitable Remainder Unitrust (CRUT) Sample Declarations
IRS has provided an annotated sample declaration of trust and alternate provisions that satisfy the requirements of section 664 for inter vivos charitable remainder unitrusts that provide unitrust payments for one measured life followed by a charitable distribution of trust assets. Learn More>>
|
|
AICPA Asks IRS to Clarify Qualified Severance Regs. for GST Trusts
February 9, 2005. The AICPA recommends clarifying the proposed regs on qualified severance of a generation-skipping transfer trust, suggesting that the qualified severance rules should apply only if the single trust is divided on a fractional basis. Learn More>>
|
|
AICPA Recommends Clarifications to Proposed GST Predeceased Parent Exception Regs.
December 9, 2004. This letter contains the AICPA comments regarding proposed regulations on the predeceased parent rule. That rule provides an exception to the generation-skipping transfer tax generation assignment rules that assigns a higher generation to transferees when the parent of the transferee is deceased. Learn More>>
|
|
AICPA Recommends Clarifying Regs on "Electing Out" of GST Deemed Allocations
November 10, 2004. This letter contains the AICPA comments regarding proposed regulations on electing out of generating-skipping transfer tax deemed allocations under section 2632(c). Learn More>>
|
|
AICPA Comments on Revised Gift Tax Form 709 and Its Instructions
May 18, 2004. This letter contains AICPA comments on Form 709 and instructions. Learn More>> |
|
AICPA Offers Comments on GST Safe Harbor Regs.
July 30, 2003. This letter contains Safe Harbor Suggestions under Proposed Section 2642(g) Regulations. Learn More>> |
|
AICPA Comments on Form 3520-A, "Annual Information Return of Foreign Trust with a U.S. Owner"
June 17, 2003. This statement contains the AICPA comment letter on new reporting requirements for Canadian RRSPs and RRIFs. Learn More>> |
|
IRS Responds to AICPA Concerns for Filing the Form 3520 for Canadian RRSPs
This article contains the AICPA Alert to Members regarding the August 1, 2003, IRS Notice 2003-57 on Canadian RRSPs and Forms 3520 and 3520-A Reporting Requirements. Learn More>> |
|
AICPA Comments on the Foreign Trust Reporting Rules for Forms 3520 and 3520-A
June 17, 2003. These comments concern Form 3520 and Form 3520-A and reporting requirements for Canadian RRSPs. Learn More>> |
|
Alert on Expat Transitional Rules for New Form 8854
This alert covers expatriate transitional rules for Form 8854, Initial and Annual Expatriation Information Statement. Learn More>> |
|
Guide to Section 643 Regs Defining Trust Income
This guide analyzes the revised regulations defining trust accounting income for tax years ending after January 2, 2004, and examines how they affect the computation of fiduciary accounting income and distributable net income. Learn More>> |
|