Jul 1, 2008 12:00 PM

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.

Topics of Interest

Estate Tax	Donor Advised Funds
GSTs	Family Offices
Private Foundations	Life Insurance
2010 Tax Act News	Industry Trends Surveys

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Topics of Interest

Estate Tax	Donor Advised Funds
GSTs	Family Offices
Private Foundations	Life Insurance
2010 Tax Act News	Industry Trends Surveys

E-Newsletter Signup

2011 Trust Glossary

Click here to download the 2011 Trust Glossary

50 Years Ago This Month

Click here to read the issue.

50 years ago, in May 1962, we featured articles such as: "Future of Canadian Trusteeship" by Arthur H. Mingay", "Training Trust Employees" by Ian M. Marr, "What is a Trust Officer?" by Eric J. Brown, and "Selling Services" by Donald I. Webb.

Conrad Teitell's Guide to Tax Benefits For Charitable Gifts

Click here to view the most up to date guide (September 2011)

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