Preparing IRS Form 706: The Federal Estate Tax Return

EVENT DATE:

Dec 20,2021

PRESENTER(s): Klaralee R. Charlton

1:00 PM ET | 12:00 PM CT | 10:00 AM PT | 240 Minutes
  • Webinar Instruction will be emailed on your registered email address 3 days prior to webinar
  •  | 
  • Web Download / e-Transcript will be shared in 7 working days from the date of webinar

The executor of a decedent's estate uses Form 706 to figure the estate tax imposed by Chapter 11 of the Internal Revenue Code, and also used to compute the generation-skipping transfer (GST) tax imposed by Chapter 13 on direct skips.

The Form 706 has been cited as the source for the greatest number of error and omission claims against the accountancy profession. The estate tax return is likely the most complex and consequential federal return that most practitioners will face. Laden with special rules, elections with deadlines, the integration of substantive state and federal tax law, the Form 706 creates unique challenges for the unwary and even experienced practitioners. This program is designed to encourage better practice points, highlight common mistakes, expose common problems that generate audit while providing practical guidance to prepare effective, tax-savings estate tax returns.

Session Highlights:

  • 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:

    • Recommended CPE credit – 4.0
    • Recommended field of study – Taxes
    • Session Prerequisites and preparation: None
    • Session learning level: Basic
    • Location: Virtual/Online
    • Delivery method: Group Internet Based
    • NASBA Sponsor: XXXXX (Applied)
    • IRS Course ID: PJGWS-T-00029-21-O
    • Attendance Requirement:  Yes
    • Session Duration: 4 Hours
    • Case Studies and Live Q&A session with speaker
    • PowerPoint presentation for reference

    Who Will Benefit:

    • CPA
    • Enrolled Agents (EAs)
    • Tax Professionals
    • Attorneys
    • Other Tax Preparers
    • Finance professionals
    • Financial planners

    Coder Archives is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

    Speaker Profile:
    Klaralee Charlton is a Shareholder with Katz, Look & Onorato, P.C. where she practices fiduciary tax, estate administration, and business transactional law. As part of her practice, Ms. Charlton guides clients through the process of administering a loved one’s estate including the collection, valuation, management and transfer of assets including financial accounts, real estate, and business interests with a focus on minimizing estate and income tax liability. She also works closely with trustees of ongoing trusts to ensure compliance and prepares clients’ fiduciary income tax returns annually.

    Klaralee has written and lectured on topics including estate and gift tax, fiduciary income tax reporting and U.S. regulations governing the valuation of small family businesses. She previously served as Chair of the Colorado Bar Association, Tax Section and President of the Greater Denver Tax Counsel Association. She earned her J.D. from the University of Utah, S.J. Quinney College of Law, her LL.M. in Tax Law from the University of Denver, and her B.A. in political science from Bryn Mawr College. She is admitted to practice in both Colorado and Montana.


    Our Accreditation Partners