The American Institute of CPAs (AICPA) is commenting on several trust and estate related tax proposals in the Department of the Treasury’s (“Treasury”) General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals (“Green Book”), issued March 2022. Specifically, commenting on the following Green Book proposals:
Strengthen taxation of high-income taxpayers: Reform the taxation of capital income: Treat transfers of appreciated property by gift or on death as realization events (Page 34 of Green Book);
Modify estate and gift taxation: Modify income, estate, and gift tax rules for certain grantor trusts (Page 40 of Green Book);
Modify estate and gift taxation: Improve tax administration for trusts and decedents’ estates: Reporting of estimated total value of trust assets (Page 45 of Green Book);
Improve tax administration and compliance: Enhance accuracy of tax information: Electronic filing of forms and returns (Page 70 of Green Book); and
General comments on estates