IRS Proposes Rules for Tax on Gifts from Expatriates

Overview


Ellen Harrison criticized proposed IRS rules for a tax on high-net-worth US citizens and residents, saying that the law that required the tax “is seriously flawed and the [proposed] regs perpetuate those flaws. They operate as a serious disincentive to expatriating unless the whole family is leaving.” Ms. Harrison added that without proper advice, donors to expatriates can end up structuring their gifts in the “worst possible ways.” Read the full article.