Gift Tax Returns and Adequate Disclosure

Share Button

Filing a gift tax return may seem like a costly hassle, but it’s important to do it right. A properly prepared gift tax return gets the three-year statute of limitations period running, the significance of which is discussed below.

Statutes of limitations are laws that establish time limits within which the government must act. Until the statute of limitations period expires, the value of a gift that is disclosed on a gift tax return may be challenged by the IRS, and a gift tax return assessed.

However, that statute of limitations period won’t run if a gift is not “adequately disclosed on …read more

Read more here:: Tax

About Aronson LLC

Aronson LLC has written 574 post in this blog.

Aronson LLC has been thinking ahead for its clients for more than 50 years. Aronson’s construction, real estate, government contracting, nonprofit, technology and private industry experts provide innovative audit, tax, and consulting services that help its clients move to the next level. From start-up to exit strategy, Aronson works with companies throughout the entire business lifecycle by proactively identifying opportunities and addressing challenges so that clients are able to focus on their core business. Aronson shows companies how to rethink everything to be more profitable, more competitive and better prepared for the future.

Share Button