Tag Archives: Form 709

Tis the Season: Holiday Gifting Without Gift-Tax Pains

Many individuals give gifts to family, friends, and charities during the holiday season. Knowing the tax rules applicable to gifts will ease the process and enhance the joy of gifting. Gifts Come in Many Shapes. For individual U.S. citizens or residents, the federal gift tax applies generally to all gifts of property – of whatever … Continue Reading

AICPA Suggests Adequate Disclosure Reference for Section 2704 Proposed Regulations

The American Institute of Certified Public Accountants (AICPA) recently published recommendations for a disclosure statement to be included on a U.S. Gift (and Generation-Skipping Transfer) Tax Return (IRS Form 709) disclosing the transfer of an interest in a family partnership or family controlled entity made on the same date or after the issuance of the … Continue Reading