Free Site Registration


IRS Finalizes Gift Tax Return Form

Print
Email
Reprints
Washington, D.C. (March 21, 2011)

By Accounting Today Staff

The Internal Revenue Service has posted a final version of the form and instructions for the 2010 gift tax and generation-skipping transfer tax.

Form 709 and its associated instructions were posted on Friday by the IRS, according to the Journal of Accountancy. The delay in posting the form was due to the late passage last December of the legislation extending the Bush era tax rates, which affected estate taxes, gift taxes and other tax provisions.

The annual gift exclusion remains $13,000, according to the instructions. For gifts made to spouses who are not U.S. citizens, the annual exclusion has increased to $134,000. The top rate on gifts is now 35 percent. The unified credit for 2010 is now is $330,800.

Section 302(d)(2) of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 mandates that any unified credit allocated to gifts made in prior periods be re-determined using current gift tax rates.

0 Comments

Be the first to comment on this post using the section below.

Add Your Comments...

Already Registered?

If you have already registered to Accounting Today, please use the form below to login. When completed you will immeditely be directed to post a comment.

 

Follow Accounting Today
Advertisement
Advertisement

What's the Biggest Opportunity for Accountants Today?

May 24, 2013

Guests at the Meet the Editors dinner at Keens Steakhouse in New York give their assessments of the many opportunities available to accountants for growing their practices.

What's the Biggest Threat or Challenge Facing Accountants?

May 22, 2013

Attendees at Accounting Today's Meet the Editors Dinner at Keens Steakhouse in New York discuss the top issues confronting accountants.

Women in Accounting: Breaking the Mold

May 21, 2013

A continued conversation with Marcum’s Nanette Lee Miller and Janis Cowhey McDonagh about the obstacles women in the accounting profession face when trying to make their way into leadership positions.

Advertisement

SLIDE SHOW

Tax Season by the Numbers

May 22, 2013

The IRS recently released statistics covering the year to May 10, 2013.

Top 10 Tech Initiatives -- 2013

May 5, 2013

The AICPA's annual list of IT priorities for accounting firms.

Tax Stats: May 2013

April 30, 2013

Our monthly collection of statistics from the world of tax.

10 Biggest Estate Planning Mistakes

April 29, 2013

Help your clients avoid these common pitfalls.

Common E-mail Security Mistakes

April 23, 2013

These five bad habits can make your confidential information -- and that of your clients -- easy to steal.

Advertisement
Advertisement
Advertisement