Tax and Estate Gift Audits

Jennifer A. Pratt recently published an article discussing estate and gift tax audits.  Ms. Pratt describes the audit process in detail.  She also provides a non-exhaustive list of issues that will result in a material change in tax liability (audit triggers).  These audit triggers may include: failure to answer all the questions on the return; failure to attach all required documents to the return; errors in reporting jointly owned property; and excluding personal property or undervaluing personal property. 

See Jennifer A. Pratt, "Overview of Estate and Gift Tax Audits," Maryland Bar Bulletin, Sept. 2011.   

Posted by William Alan Nelson II, Associate Editor, Wealth Strategies Journal