SD Associates, P.C. CPAs
Gift Tax Return Services
Experience The SD Difference
Gift Tax Returns
The IRS imposes a gift tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. The gift tax applies to both real and personal property, including money, stocks, bonds, and cars. If you have given a gift that falls under the IRS criterion, you are required to fill out a special tax form. This can complicate your tax preparation and put you at risk for an audit.
At SD Associates, P.C., we have over 35 years of experience preparing gift tax returns for our clients. We will work with you to determine the value of your gift and make sure that all the necessary paperwork is filed correctly. Filing a gift tax return does not have to be stressful – let us help you take care of it. Contact us today to speak with one of our tax experts or to schedule your consultation.
When it comes to your taxes, it’s always best to err on the side of caution and seek professional help when needed. This is especially true when it comes to filing a gift tax return, as there are many complex rules and regulations that must be followed. Here are some of the benefits of working with a professional tax accountant to file your gift tax return:
What is a gift tax return?
A gift tax return is a special tax form that must be filed with the IRS in certain situations where property is transferred from one individual to another without receiving anything, or less than full value, in return. The tax is not levied on the individual receiving the gift, but on the person giving the gift. In certain cases, the receiver may agree to pay the tax.
What kinds of gifts need a tax return?
The IRS imposes a gift tax on the transfer of any real or personal property, including money, stocks, bonds, and cars. If you have given a gift that falls over the IRS threshold, you are required to fill out a special tax form. Oftentimes, medical and educational expenses do not qualify as ‘gifts’ and do not need a gift tax return. Other exclusions include gifts to your spouse and gifts to a political organization for official use.
What are the penalties for not filing a gift tax return?
The IRS imposes strict penalties for errors and omissions on gift tax returns. by working with a professional, you can be confident that your return will be filed correctly and on time, avoiding any costly penalties or interest charges.
Unparalleled service: Our accounting firm is the best kept secret in the tri-state area. Our full-service accounting team company offers the wide range of services associated with a large company, but is still small enough to provide personalized gift tax returns in Bucks County, Montgomery County, Philadelphia and surrounding areas.
High professional standards: We follow all of the American Institute of Certified Public Accountants (AICPA) auditing standards, guidelines, rules and regulations. We have been reviewed by the Pennsylvania Institute of Certified Public Accountants for quality control, and our work has received the highest possible rankings.
Wide client base: Our client base is broad, and includes individuals, partnerships, corporations, LLCs, non-profit organizations, and more. We have a wealth of experience in many different industries. This allows us to be a versatile firm that can easily handle many types of tax returns, including gift tax returns.
Personalized service: We take the time to get to know each of our clients on a personal level. This allows us to provide tailored solutions that address your specific needs and give you a better experience overall.
Accessibility: We strive to make ourselves accessible to our clients when they need us most. Our team promptly responds to all emails, and we are always available for a phone call if you need advice or have a question. You’ll never have to wonder if your records are up to date or if your tax return has been submitted.
SD Associates, P.C. provides professional gift tax return services in the Tri-State area. Our service areas include, but are not limited to:
SD Associates, P.C. is a full-service accounting firm that has been serving the Philadelphia and surrounding areas for over 35 years. We offer a wide range of services, including gift tax return preparation, estate planning, and more. Our team of experienced professionals is dedicated to providing high-quality service and personalized attention to each of our clients. Call today to learn more about gift tax returns in Bucks County, Montgomery County, and Philadelphia, or to schedule a consultation with one of our tax experts.
Ask a Question
Do you have a question about tax services, attestation, bookkeeping, or our other financial services? Click here to ask one of our financial experts.
Keep up with the latest developments in taxes, finance, and all things SD Associates, P.C. by signing up for our newsletter.
Experience The SD Difference
Why Our Clients Love Us
Looking For More From Your CPA?
When you partner with SD Associates, P.C., you’re working with a top-notch team of knowledgeable tax professionals. With over 3 decades of experience, we strive to provide our clients with the highest level of service.
Full-service CPA Firm
Over 35 Years in Business
Always Available for Phone Calls
Accessible Via Email or Phone
Wide Client Base
Experienced CPAs with Advanced Degrees
Communities We Serve