Breakout Session 2: Gift Tax Compliance and Audits
Sean R. Kenney will outline how to reduce audit risk when filing Form 709, highlighting valuation pitfalls, disclosure rules, and audit response strategies, while covering updates in gift tax law and procedures for high-net-worth clients and advisors.
2:15 PM - 3:05 PMThu
Octavius 7-8
Speakers
This session will guide advisors through best practices in preparing IRS Form 709, with an emphasis on minimizing audit risk and ensuring adequate disclosure for statute of limitations protection. He will review common audit triggers such as valuation issues, formula clauses, and reporting inconsistencies, as well as procedures for responding to Information Document Requests and managing appeals. The session will also cover recent changes to gift tax compliance, including community property rules, DSUE elections, and GST allocations