Forbes: Time to File That Gift Tax Return

The article published in Forbes and titled "Time to File That Gift Tax Return" highlights the importance of filing timely and accurate gift tax returns.  While the majority of people concentrate on their personal income tax returns, the gift tax returns often get overlooked.  Recent changes to the tax law made significant changes that affect gifts, such as increased exemption amount and portability provision.  However, the new law only affects 2011 and 2012.  Therefore, it is important to consult a professional for in-depth understanding of the tax law changes and their application to an individual situation.