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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.

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.