With little Congressional interest in increasing the $1 million lifetime exemption, familiarity with gift tax is important in estate planning. This seminar will first consider legal requirements for a completed gift. Filing requirements will then be reviewed. Gifts exempt from the gift tax, gifts for which a deduction is available, and split gifts will be discussed. Current valuation issues will be examined in connection with determining the value of gifted assets. The importance of expert appraisals and adequate disclosure will be emphasized. Penalties, deficiencies and preparer penalties will be reviewed, as will issues involving compliance, collection and liens. The relationship with the estate tax will be analyzed. Finally, a completed Form 709, illustrating concepts presented, will be studied in detail.
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Categories: Memoranda · Seminars · Treatises
Tagged: 709, annual exclusion, assessment, collection, crummey, deficiencieds, estate tax, filing, form 709, gift, gift tax, gift tax return, statute of limitations, valuation discounts
Tax Professionals preparing 2009 New York State corporate, income, employment and sales tax returns should be alert to statutory changes which create new tax offenses and which impose stricter criminal penalties for existing offenses. In some cases, tax professionals may be prosecuted under an accomplice theory for aiding or abetting dishonest taxpayers. This Memorandum summarizes the new tax legislation, whose objective is to improve tax compliance and prevent tax evasion by drastically increasing penalties for serious acts of tax evasion and tax fraud. This Memorandum discusses the new statute.
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Categories: Memoranda
Tagged: aid or abetting, criminal, criminal law, criminal penalties, tax evasion, tax fraud, tax legislation, tax offenses, tax statutes
