March 17, 2021 - EST

ABA RPTE Business Planning Group Meeting

The 2020 Gift that Keeps on Giving – Tips and Best Practices to Manage IRS Audit Risk in 2021

This event has already occurred.

The year of 2020 brought an on-going pandemic, depressed financial markets, and a presidential election which combined to create an environment that led many clients to engage in a multitude of large gift and sale transactions of their assets, including their closely-held company interests, before year end. As a result, estate planning attorneys and advisors are now being flooded with the preparation and review of gift tax returns reporting the 2020 transactions. To assist with these tasks, Ken Jefferson and Chelsea McGrath will provide a timely refresher on the IRS audit procedures, advice on navigating the process, and tips and best practices on adequately disclosing a client’s gift and/or sales transaction on the 2020 gift tax returns.