Jul 1, 2008 12:00 PM, By Lorelei Tolson

By: By Lorelei Tolson

Think back to a time long, long ago, before the adequate disclosure rules of 1997, before the changes in the generation-skipping transfer (GST) tax deemed allocation rules of 2001. It was a simpler time. At tax preparation firms all across the country, veteran tax preparers looked for simple projects to assign to new staff. The gift tax return was an obvious choice: an innocuous four-page return whose calculations weren't critical, because tax was very rarely due. The fee for preparing the return was negligible and often thrown in with the client's individual return, as a courtesy.

Those days are most definitely over. Tax preparers and planners everywhere, if you're not already acutely aware, now is the time to wake up to the formidable gift tax return challenges — before they become nightmares.

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