Foundations of Preparing Form 706 Estate Tax Return
PRESENTER(s): Klaralee R. Charlton
This program has been approved IRS CPE Credit 4(Taxes)
With the constant threat of the estate tax exemption shrinking, the risk of estate tax is front and center for many clients. The Estate Tax return, Form 706, is unlike any other tax return and requires a thorough understanding of what makes up the Gross Estate, which Deductions are permissible, and how to allocate the lifetime Estate Tax and Generation Skipping Tax Credit. Additionally, Portability and QTIP elections must be made in a timely manner enabling clients to save thousands of tax dollars. This foundational course will walk you through preparing Form 706 from beginning to end and point out pitfalls to avoid. We will also review how to file Form 706 for surviving spouses wishing to elect portability for smaller estates. A general understanding of the concept of estate tax will be helpful prior to attending this course.
- Learn how to prepare each schedule to the Form 706, using a sample return as an illustration.
- Identify the six major components of Form 706 and Identify compliance issues.
- Recognize the importance of the information items and questions on Form 706.
- Highlights of portability elections to make the deceased spousal unused exclusion amount (DSUA) available to the surviving spouse.
- Understand proper asset valuation compliance.
- Understand proper deduction compliance.
- Understand tax calculation.
- The ins and outs of the “portability” rules, including how the rules actually work using common examples.
- Issues involved in the preparation of the decedent’s final federal income tax return (Form 1040).
- Various postmortem estate planning issues involved in the preparation of the.
- above-mentioned tax return.
- Complete understanding of estate and gift taxation.
- Income tax consequences.
- Overlooked GST issues.
Credits and Other information:
- Session Duration: 4 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
- Session learning level: Introductory
- Delivery method: Group Internet Based
- IRS Credits: 4 Tax Hours
- IRS Course ID: PJGWS-T-00029-21-O
Who Will Benefit:
- Tax Attorneys
- Tax Compliance Managers
- Other Tax Professionals