Accounting
AICPA wants changes in GST tax regulations
The American Institute of CPAs asked officials in the Treasury Department and the Internal Revenue Service for changes in the final regulations governing generation-skipping transfer tax exemptions.
Last April, the Treasury and the IRS issued
The AICPA sent a
The AICPA suggested the Treasury and IRS should extend the relief provided by Rev. Proc. 2004-46 to tax years 2001 and later. The Treasury and the IRS should also provide a similar revenue procedure to Rev. Proc. 2004-46 for situations in which the donor’s GST exemption has been automatically allocated to a prior transfer, but the donor either did not intend for GST exemption to be allocated or the donor was not aware that GST exemption was allocated to the transfer, the AICPA suggested.
The administrative burden on both taxpayers and the IRS to process private letter rulings for small amounts is disproportionate to the amounts involved, the AICPA pointed out. Extending the relief provided by Rev. Proc. 2004-46 to tax years 2001 and later would streamline the process for taxpayers seeking to allocate their GST exemption to post-2000 transfers, thus reducing the administrative burdens and costs associated with PLRs for both taxpayers and the government.
In addition, extending relief to tax years 2001 and later would help taxpayers who didn’t file gift tax returns for certain gifts to trusts, the AICPA recommended. That would enable taxpayers to make more informed decisions and fix their past mistakes so their GST exemptions can better match their tax planning goals.
“While the final regulations offer a safety net for missed GST elections, the high cost and complexity make the Private Letter Ruling approach impractical for many taxpayers,” said Eileen Sherr, the AICPA’s director of tax policy and advocacy, in a statement Wednesday. “The AICPA’s suggestions will help taxpayers effectively utilize their GST exemptions and reduce unnecessary administrative burdens on taxpayers and the IRS.”
Total postsecondary spring enrollment grew 3.2% year-over-year, according to a report.
The National Student Clearinghouse Research Center published the latest edition of its
The report found that undergraduate enrollment grew 3.5% and reached 15.3 million students, but remains below pre-pandemic levels (378,000 less students). Graduate enrollment also increased to 7.2%, higher than in 2020 (209,000 more students).
(Read more:
Community colleges saw the largest growth in enrollment (5.4%), and enrollment increased for all undergraduate credential types. Bachelor’s and associate programs grew 2.1% and 6.3%, respectively, but remain below pre-pandemic levels.
Most ethnoracial groups saw increases in enrollment this spring, with Black and multiracial undergraduate students seeing the largest growth (10.3% and 8.5%, respectively). The number of undergraduate students in their twenties also increased. Enrollment of students between the ages of 21 and 24 grew 3.2%, and enrollment for students between 25 and 29 grew 5.9%.
For the third consecutive year, high vocational public two-years had substantial growth in enrollment, increasing 11.7% from 2023 to 2024. Enrollment at these trade-focused institutions have increased nearly 20% since pre-pandemic levels.
Jordan Vonderhaar/Photographer: Jordan Vonderhaar/
The Internal Revenue Service has released
The Inflation Reduction Act of 2022 amended Sec. 55 to impose the CAMT based on the “adjusted financial statement income” of an “applicable corporation” for taxable years beginning in 2023.
Among other details, proposed regs provide that “applicable corporation” means any corporation (other than an S corp, a regulated investment company or a REIT) that meets either of two average annual AFSI tests depending on financial statement net operating losses for three taxable years and whether the corporation is a member of a foreign-parented multinational group.
Prior to the publication of any final regulations relating to the CAMT, the Treasury and the IRS will issue a notice of proposed rulemaking. Notice 2025-27 will be in IRB: 2025-26, dated June 23.
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