NOT FOR REPRINT
IRS Drafts Gift and Trust Reporting Changes
By
Allison Bell
News May 09, 2024 at 03:57 PM
Share & Print
What You Need To Know
- The draft regulations are meant to keep taxpayers from hiding taxable non-U.S. income.
- Some clients could face new requirements to list the names and addresses of gift providers.
- The IRS could treat some arrangements that are now classified as loans as gifts.
NOT FOR REPRINT
© Touchpoint Markets, 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.
Immediate Answers to Critical Tax Questions At Your Fingertips
Keep up with the latest tax rules and regulations with weekly, exclusive updates by our Tax Facts experts.
Get More InformationRecently Added Q&As
Recently Updated Q&As
What is the temporary “senior deduction” deduction for taxpayers age 65 and over?
Get Answer
Recently Updated Q&As
What is the temporary deduction for auto loan interest?
Get Answer
Recently Updated Q&As
What is the temporary deduction for overtime income?
Get Answer
Recently Updated Q&As
What is the temporary deduction for tip income?
Get Answer
Recently Updated Q&As
What is a high deductible health plan for purposes of an HSA?
Get Answer
Recently Updated Q&As
Are remote workers eligible for leave under the Family and Medical Leave Act (FMLA)?
Get Answer
Recently Updated Q&As
Who must file a return?
Get Answer
Recently Updated Q&As
Can a taxpayer deduct business-related transportation expenses incurred when the taxpayer is not travelling away from home on business?
Get Answer