Tax Tips – Return required even for tax-exempt gifts – IRS to eliminate “high-low” method? – Watch out for charities that lose their exemption
Abstract: This issue’s “Tax Tips” explains that a gift tax return must be filed for all gifts that exceed the annual gift tax exclusion, even if no tax is owed. It looks at IRS intentions to discontinue the “high-low” method as an alternative for substantiating business travel expenses. And donors who wish to take advantage of charitable deductions should watch out for charities that lose their exemption.