Do you know what to look forward to and watch out for with the new IRS charitable gift regs? Does your current wealth management team? We put your goals first, and watch out for anything that may affect them. Contact us to learn more.
“The Internal Revenue Service recently issued final regulations (the proposed regulations were issued only 10 years ago) that make changes in the substantiation and reporting rules governing cash and noncash gifts made by individuals, partnerships and corporations. Most of the changes in the final regs are relatively minor, but nevertheless important. But some of the final regs governing qualification of appraisers and the contents of their appraisals differ significantly from the proposed regs. These final rules apply to contributions made on or after Jan. 1, 2019. Taxpayers may rely on these rules for appraisals prepared for returns or submissions filed after Aug. 17, 2006. (TD 9836.)
Lawyers and accountants who advise on tax consequences, draft gift agreements and prepare income tax returns should be fully familiar with the appraisal rules: a nodding acquaintance won’t do.”