Understanding the complexities of estate and gift taxation can be challenging for many financial professionals, especially those who lack direct experience in this area. In this comprehensive course, participants will gain a solid foundation in Federal estate and gift tax law, providing them with the necessary tools to confidently handle tax compliance issues related to Forms 706 and 709. By exploring the details of the Internal Revenue Code sections pertinent to estate and gift taxation, attendees will gain a thorough understanding of key concepts, including deductions, valuations, and tax credits. This practical knowledge will not only enhance their expertise but also empower them to provide effective tax planning strategies for their clients.
Throughout the course, participants will investigate essential topics such as the valuation of assets, deductions for funeral and administrative expenses, charitable and marital deductions, and the calculation of tax credits. By mastering these critical areas, financial professionals will be better equipped to navigate the challenges of estate and gift taxation, ultimately enabling them to provide comprehensive and effective tax planning services for their clients. Whether you're looking to expand your expertise or deepen your understanding of tax compliance issues, this course offers invaluable insights and practical knowledge that can immediately be applied in your practice.
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com.
DESIGNED FOR
Anyone who performs audits
BENEFITS
- Describe the importance of maintaining professional skepticism
- Explain critical elements of high-quality audit documentation
- List the characteristics of a proper risk assessment process linked to the detailed audit plan
- Describe how to satisfy the minimum requirements for evaluating the design and implementation of internal controls relevant to the audit
HIGHLIGHTS
- Professional skepticism – Creating a mindset for finding fraud and error
- Audit documentation basics – Creating workpapers that pass review
- The audit risk model – Understanding the foundational principles
- Internal control fundamentals - Satisfying the requirements for evaluating the design and implementation of internal control over financial reporting
PREREQUISITES
None
ADVANCE PREPARATION
None