TELESEMINAR: Estate and Gift Tax Audits – A National Perspective
January 29, 2013
12:00 – 1:00 p.m.
1.00 MCLE hours
Every estate and gift tax return is reviewed by hand by IRS personnel and the agency continues to become more aggressive in challenging returns. Being chosen for examination can be a very time-consuming and costly process, putting a premium on understanding the process and preparing for the exam. It also highlights the value of understanding audit triggers and how returns are selected for exam in a bid to avoid audit in the first instance. This program will provide you with a practical guide to estate and gift tax audits, including audit triggers and how to reduce the risk of an exam, preparing for and advocating for a client once their estate is selected for audit, crucial attorney-client, evidentiary and statute of limitation concerns, and much more.
- Successfully defending estate and gift tax audits
- Avoiding audit in the first place – understanding audit triggers and how returns are selected for examination
- Practical guide to the audit process, timeframes, and deadlines
- Common issues on audit – FLP/FLLCs, defined value clauses, insurance policies and lifetime gifts
- Documentary preparation for an exam and drafting effective settlement proposals
- Important attorney-client privilege, statute of limitation, and evidentiary considerations
Keri D. Brown, Baker Botts, LLP, Texas
Jennifer A. Pratt, Venable, LLP, Maryland