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Regulation and Compliance > Federal Regulation > IRS

IRS To Adjust GST Regs

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The Internal Revenue Service wants to revise the reporting rules governing transactions that may be helping taxpayers avoid the generation-skipping transfer tax.

The changes, described today in the Federal Register in a notice of proposed rulemaking, would provide guidance regarding the length of time an advisor has to prepare the required list of reportable transactions. An advisor should have at least 30 days to prepare the list, officials write in the notice.