Estate tax study.After a year-long effort, the AICPA AICPA See American Institute of Certified Public Accountants (AICPA). Tax Division has completed a Study on Reform of the Estate and Gift Tax System. The Study, developed by the Trust, Estate and Gift Tax Technical Resource Panel's Estate Tax Repeal The Annulment or abrogation of a previously existing statute by the enactment of a later law that revokes the former law. The revocation of the law can either be done through an express repeal Task Force, provides an overview of the arguments others have made both for and against the current transfer tax, a summary of the current system and a description of possible modifications and alternatives (including outright repeal). For each modification or alternative, there is an analysis of its impact on taxpayer behavior, complexity and compliance, liquidity, redistribution re·dis·tri·bu·tion n. 1. The act or process of redistributing. 2. An economic theory or policy that advocates reducing inequalities in the distribution of wealth. of wealth, tax and succession planning Management Succession Planning In organizational development, succession planning is the process of identifying and preparing suitable employees through mentoring, training and job rotation, to replace key players — such as the chief executive officer (CEO) — , revenue and transition issues, as well as a discussion of advantages, concerns, suggestions and conclusions for each modification and alternative. This study confirms that significant reform of the U.S. transfer tax system is appropriate and should be undertaken as quickly as possible. The study identified a number of significant issues and makes substantive Substantive may refer to: In grammar:
The Study offers suggestions on each of the alternatives not as a matter of ideology ideology Form of social or political philosophy in which practical elements are as prominent as theoretical ones. The term was coined in 1796 by the French writer Antoine-Louis-Claude, Comte Destutt de Tracy (b. 1754—d. or social policy, but as a result of the AICPA's collective judgment as to the best way to achieve simplicity, reduce taxpayer compliance burdens, improve ease of administration and address revenue considerations for the overall tax system. The Study, including an executive summary, is available on the AICPA website at www.aicpa.org/members/ div/tax/index.htm; see also DC Currents, p. 333, this issue. |
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