The estate tax and generation-skipping transfer tax have returned, and the gift tax is again unified with the estate tax. Changes in the transfer tax under new law are mirrored in the compliance requirements. Learn how to prepare Forms 706 and 709 in these circumstances.
DESIGNED FOR
CPAs whose practice involves preparation of estate and gift tax returns.
BENEFITS
- Complete an estate tax return (Form 706) and accompanying schedules
- Identify elections on the estate tax as they relate to valuation and timing of payments
- Complete a gift tax return (Form 709) and identify how the annual exclusion, gift-splitting, and certain transfers are properly scheduled
HIGHLIGHTS
- Transfer tax reform: how enacted legislation affects estates of decedents dying in 2018 and gifts made in 2018
- Gift tax return basics – Form 709
- Special gift circumstances – annual exclusion, gift-splitting, gifts to minors, and gifts for educational and medical benefits
- Overview of estate tax concepts
- Estate tax audit issues– What triggers an audit & how to handle it
- Trusts, wills, state laws, and how they affect Form 706
- Filing Form 706 and preparation issues – Determining includable property; determining deductions from the gross estate; credits against federal estate tax; calculating the federal estate tax
- Elections you need to know: alternate valuation, special-use valuation, deferred payments
- State death taxes and how they affect the federal estate tax return
- Comprehensive case study with filled-in forms
- Portability – understanding and applying the new permanent feature
- DSUEA – why Form 706 should be filed in smaller estates
- Form 8971 – Understanding the new Form 8971
COURSE LEVEL
Intermediate
PREREQUISITES
A basic course in estate planning.
ADVANCE PREPARATION
None
ADDITIONAL NOTES
- This seminar qualifies for CFP credit.
- This seminar qualifies for IRS credit.
Course materials are distributed electronically and we’ve passed the savings along to you - registrants save $20 on all 8-hour seminar pricing. To access the materials visit My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.