The New York State Society of Public Accountants, the oldest state accounting association, representing approximately 30,000 CPAs, has offered certain suggestions regarding pending legislation in Congress affecting estate planning-- specifically emphasizing the pressing need for certainty and ease of administration with respect to the transfer tax.
We all know that CPAs are asked frequently to advise clients on the effects of their financial and transactional planning on the taxability of their estate but as the Society points out, without legislation to clarify the long-term tax treatment of estates, planners are subject to trying to foretell what regime the Congress and the Executive Branch are ultimately likely to decide. "This situation does not foster confidence in our system of taxation; nor does it allow professionals such as CPAs to serve their clients most effectively."
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