IRS Asks Permission to Keep Asking You Questions
Published Date: 1/7/2025
Notice
Summary
The IRS is updating its forms for reporting gift and generation-skipping transfer taxes, including a new form for non-U.S. citizens. If you’re an individual who gives big gifts or transfers property, these changes might affect you. Comments on these updates are open until February 6, 2025, so now’s the time to speak up!
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
New Form 709-NA Added
Form 709 is the U.S. gift and generation-skipping transfer (GST) tax return used by individuals to report transfers and compute these taxes. The collection is being revised to include Form 709-NA, which is used to report certain transfers by a nonresident non-citizen of the United States that are subject to Federal gift tax and to allocate lifetime GST exemption; the IRS estimates 225,530 responses at 6 hours 12 minutes per respondent (1,398,286 total annual burden hours). Comments on these information collections are due February 6, 2025.
New E-file Authorization Forms for Gift Tax
The IRS added new electronic filing authentication forms (Forms 8453-EG and 8879-EG) for the United States Gift (and GST) Tax Return to authenticate e-filed returns, authorize electronic return originators or service providers, permit PIN signing, and consent to electronic funds withdrawal. The agency estimates 226,400 responses at 1.99 hours per respondent (450,520 total annual burden hours) for the related declarations and authorizations; comments are due February 6, 2025.
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