Will 2012 be a repeat of 2010, when Congress failed to address the expiring federal estate tax and gift tax laws? That threw estate planners, tax professionals and citizens into a tizzy. The current estate tax code is set to expire Dec. 31, 2012. If Congress does not act, taxes will revert to their pre-2001 levels. The American Institute of CPA's is urging Congress to take action before the eleventh hour so professionals and taxpayers alike can better plan. Click here to read the full statement the organization submitted to the Subcommittee on Economic Growth, Tax & Capital Access of the House Small Business Committee.
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