I took three of my kids ice skating in Maggie Daley Park last month. I took ice skating in high school gym class. Tax Pros need to be more realistic about whether they are competent in tax matters than I was about ... [+] my competence to ice skate. For instance, take gift tax. Most tax professionals can tell you the general rule in their sleep: gifts are reportable by the donor, and gift tax, if applicable at all, is payable by the donor.

Source: Forbes January 25, 2021 03:33 UTC