CPA Group to Call for Tweaks to Rules on Deductions for Estates

The IRS should reconsider how proposed rules apply a present value approach to determine how much estates can deduct for funeral and other expenses, the American Institute of Certified Public Accountants said Monday.

The proposed rules in Section 2053 (RIN 1545-BI11), released in June, provide guidance for estates deducting funeral and administration expenses, and certain claims against them.

• In a letter released on Friday, AICPA announced its planned comments at an Oct. 12 public hearing on the proposed rules.
• It also called for the IRS to create a safe harbor so loans with “legitimate non-tax purposes,” and ...