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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Avoid An IRS Audit When Filing A Gift Tax Return

Adequate Disclosure Rules Applicable to Gifts Reported on Form 709 Internal Revenue Code Section 6501(c)(9) places a time limit of three years on the revaluation of gifts as long as adequate disclosure rules are met or satisfied. However, be aware that if the IRS challenges the valuation during the limitation period, the taxpayer’s opportunity to …

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The Importance of Gifting in 2012

Gary Ringel was recently featured as a guest on What About Wealth? Internet broadcast on August 7, 2012.  What About Wealth? is a live Internet radio program and syndicated podcast on VoiceAmerica Business Channel hosted by Rich Bloomfield and Rick Durfee.  The subject of the broadcast was the latest news on gifting opportunities and the …

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A Huge Taxpayer Win in Favor of Formula Clauses

A recent U.S. Tax Court case (Wandry v. Commissioner, T.C. Memo 2012-88, March 26, 2012) highlights the usefulness of formula clauses in gift transactions. The taxpayers, husband and wife, made gifts to their children and grandchildren of interests in a family limited liability company. Their tax attorney advised them to make all gifts as a …

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The Perfect Storm for Gifting Assets to Family Members

Rob Ward took advantage of Arizona’s real estate recession to increase the size of gifts to his children. “I want to thank you for the valuation assignment you completed for our family.  Your valuations enabled us to put our tax exemptions to efficient use.  We appreciate the professional work done by you and your staff.  …

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