Gift tax return for 2005 never filed

[schirallicpa]

I have a client who should have filed a gift return in 2005. Although I do not have details, I believe they are at $1,000,000 level, and the return would make a difference. Can a return be filed now? Or would that cause penalties and open cans of worms that we don't want to deal with?

Thanks for your help.

[jainen]

>>cans of worms that we don't want to deal with<<

Why wouldn't you want to deal with it? Isn't that what you do for a living? In my opinion, based on Circular 230, you should advise your client of the need to file and explain the potential penalties for failing to file.