March 17
Business Planning Group
Wednesday March 17, 2021
12 pm – 1 pm CT
Join Zoom Meeting
https://americanbar.zoom.us/j/93825356865?pwd=dFBYbVErdndrWGs3emcyZVpjZWdYUT09
Meeting ID: 938 2535 6865
888 475 4499 US Toll-free
877 853 5257 US Toll-free
Wrapping Your 2020 Gift Tax Returns with a Tidy Bow - A Refresher of Best Practices & How to Avoid IRS Audit in 2021 Filings
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 of our 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.
Therefore, please join the Business Planning Group’s monthly call where 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. Ken is an estate planning attorney in the Washington, D.C. office of Ivins, Phillips & Barker Chtd., and previously worked as an attorney examiner in the IRS Estate and Gift Division where he specialized in estate and gift transfer taxes and the valuation of business entities. Ken is also a 2019-2021 RPTE Trusts and Estates Fellow. Chelsea is a wealth planning attorney in the Washington, D.C. office of Venable LLP where she assists high-net-worth individuals and business owners with tax planning, succession planning, and wealth preservation.
