Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
ThinkAdvisor

Regulation and Compliance > Federal Regulation > IRS

IRS To Adjust GST Regs

X
Your article was successfully shared with the contacts you provided.

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.

In addition, the IRS now says a group of advisors involved in reportable GST transactions can designate one advisor to maintain the reportable transactions list, officials write.

A copy of the notice is available here.


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.