Gift Tax Examination and Audits
What causes a gift tax examination or audit?
Gifting is a valuable method for individuals to utilize when seeking to
decrease the size of their estate for tax purposes. Gift tax examinations
and audits are conducted by the Internal Revenue Service when there is
adequate reason for the IRS to believe that improprieties exist with regard
to the taxes reported, or the taxes paid on any gifts that have been awarded
to individuals throughout the year. Overcoming a gift tax examination
or audit can be an arduous task, but it is possible with the assistance
of a skilled San Jose estate planning attorney from
There are a variety of different guidelines to follow and requirements
to fulfill in the
gifting process and the IRS will actively pursue these matters if there are indicators
that a violation has occurred, or is occurring. If an IRS examination
or audit reveals that there have been inadequate gift taxes paid for any
reason, then those unpaid taxes may come due in addition to any other
financial penalties as deemed appropriate by the IRS. In the case of gift
tax examinations and audits, there is no greater priority than making
sure you have all documentation organized and available to properly explain
away any and all IRS indicators of a violation.
How can I get a good gift tax examination or audit defense?
The best gift tax examination or audit defense is available with WealthPLAN, PC,
an estate planning firm that has been in practice since 1996. The firm
has nearly 30 years of experience defending the interests of their clients
against IRS examinations and audits and can draw on their knowledge of
gift tax law and former dealings with the IRS to procure the best possible
resolution. They can appreciate the level of stress that an IRS audit
or examination may bring to anyone's life and will aggressively pursue
your goals and protect your interests throughout the process.
Contact a San Jose estate planning lawyer
if you are under examination or audit for suspicion of taxes paid on gifts,
and would like to discuss your options.