House Bill Extends Current Estate Tax

The House voted Thursday to permanently extend the estate tax, which is set to expire for one year at the end of 2009. The current tax includes a top rate of 45% on estates larger than $3.5 million. The bill is expected to be changed in the Senate. Read an AICPA news release on its tax-reform principles as well as the AICPA's Tax Reform Alternatives for the 21st Century study, which, among other things, addresses the estate tax.http://online.wsj.com/article/SB125986877297775207.html?mod=dist_smartbrief