CPA Group Urges IRS To Revise Generation-Skipping Tax Form

The American Institute of CPAs asked the IRS and Treasury to make changes to the Generation-Skipping Transfer Tax Return for Terminations form, in a letter released on Thursday.

The CPA group urged the IRS and Treasury to clarify Form 706-GS(T) for qualified severances, or create a new form for qualified severances.

• “Our recommendations will simplify filing for taxpayers and practitioners and will reduce the administrative burden on IRS as well,” the letter said.
• The current Form 706-GS(T) does not provide a place to meet the reporting requirements in Section 2642(a)(3)(B)(i) and Treas. Reg. § 26.2642-6(e), the letter said. ...