Will Your 2012 Gift Tax Return be Audited by the IRS?

In 2012 taxpayers and their advisers were scratching their heads about the presidential election and its impact on future gift and estate tax exemptions because the $5 million inflation indexed per person federal estate and gift tax exclusion was scheduled to drop to $1 million on January 1, 2013. Consequently, many wealthy matriarchs and patriarchs …

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Will My Gift Tax Return be Audited?

Gary Ringel, Managing Director of the Business Valuation and Litigation Support Services group at Henry & Horne , wrote an informative article in our quarterly September 2014 BV/Lit e-News publication about the IRS and the likelihood of increased gift tax audits in the future. Gary reported that gift tax returns increased from 219,544 in 2011 …

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