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IRS can make it easier to leave assets to younger generations, AICPA says

In a letter to the IRS, the AICPA recommended changes to the final regulations for the generation skipping transfer (GST) exemption and certain GST elections that it said would make it easier and less expensive for taxpayers to file.

Pandemic-era ERC started with good intentions, ending with frustration

Congress authorized the employee retention credit (ERC), which ended April 15, to help businesses experiencing difficulties during the COVID-19 pandemic. The arrival of promoters and ERC mills brought headaches for the IRS.

AICPA recommends prop. regs. changes for some retirement savings plans

The AICPA submitted comments to Treasury and the IRS with recommended changes to proposed regulations for automatic enrollment requirements for most newly established 401(k) and 403(b) plans under the SECURE 2.0 Act.

Bills dealing with tax administration, disaster victims pass House

The AICPA endorsed four of the six bills, all of which passed the House with bipartisan support and were forwarded to the Senate.