In a recent letter to the IRS, the AICPA recommended the modernization of several tax forms used by estates and trusts.
The forms that need improvement include Form 1040, U.S. Income Tax Return for Estates and Trusts, and Form 1041-A, U.S. Information Return Trust Accumulation of Charitable Amounts.
The AICPA said its recommended changes aim to make filing easier for taxpayers and tax professionals, reduce mistakes and delays, support electronic payments and filings, and protect sensitive information.
The recommendations align with Executive Order 14247, Modernizing Payments To and From America’s Bank Account, and the AICPA’s Guiding Principles of Good Tax Policy, the AICPA said. Read more.