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Do You Need to File Gift Tax Returns? Avoid These Common Mistakes

By Individual Tax, Insights, Tax Planning & Consulting, Trusts & Estate Planning

For 2022, the lifetime gift and estate tax exemption has reached a whopping $12.06 million ($24.12 million for married couples). As a result, few people will be subject to federal gift taxes. If your wealth is well within the exemption amount, does that mean there is no need to file gift tax returns? Not necessarily.

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IRS Proposed Regulations Address Anti-Clawback Provision

By Individual Tax, Insights, Tax Planning & Consulting, Trusts & Estate Planning

On April 27, 2022, the IRS issued proposed regulations intended to provide additional clarity on the estate and gift tax “anti-clawback” provision adopted by the Service in late 2019. The proposed regulations would exclude certain lifetime gifts that are treated as includible in the donor’s gross estate from the favorable treatment provided by the anti-clawback rules.

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