The AICPA or the American Institute of CPAs petitioned Congress to make permanent changes to the estate tax. The organization asserted that Congress’s actions would alleviate the uncertainty that all members of the profession feel when they try to provide advice to their clients without the knowledge of whether the tax exemptions will expire at the end of the year. In addition, the AICPA also encouraged Congress to act now to prevent any adverse consequences that could occur from the expiration of legislation that governs the transfer of gifts to multi-generational trusts. The GST exemption applied in these circumstances.
Primary the AICPA has urged Congress to make many of the reforms that it listed within its study entitled, Study on Reform of the Estate and Gift Tax System.
See AICPA Urges Congress to Make Permanent Estate Tax Changes As Soon As Possible, AICPA, June 14, 2012.
