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| Author: | Kanyuk, A.K. |
| Title: | Iceberg Ahead! |
| Journal: | Journal of Accountancy
2002 : OCT, VOL. 194:4, p. 75-84 |
| Index terms: | ACCOUNTING TAXATION CLIENTS ANALYTICAL REVIEW |
| Language: | eng |
| Abstract: | The 2001 act did not eliminate the gift tax. That means CPAs and their clients still face compliance issues when preparing and filing Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, to report gifts. An important first step in this process is confirming the client's prior-gift history. When a married taxpayer makes a gift to a third party, his or her spouse may elect to be treated as having made half of it. If one spouse elects to split gifts, the other must do the same. The donor spouse must file a gift tax return reporting the gift and th consenting spouse must sign it. It's important for taxpayers to adequately disclose gifts on a timely filed return so the three-year statute of limitations can begin to run. |
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