Gift Tax Examination & 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 WealthPLAN, PC.
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.