AICPA Suggests Consistent Treatment of all Tax Payments for Estates and Trusts

(1/25/12)

In a letter to the Senate Committee on Finance and the House Committee on Ways & Means, dated Jan. 12, the AICPA suggested Congress pass legislation that treats all federal tax payments of trusts and estates, including estimated tax payments, backup withholding and regular withholding, consistently. Currently, the ability of a trust or estate to allocate its tax payments to its beneficiaries is different for each, which becomes confusing and unnecessarily complex to taxpayers and tax practitioners. Read the comment letter for more information, including details of the AICPA’s proposal.