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Preparing Form 706: The Federal Estate Tax Return (4151360D)
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"Review the basics of how to prepare a federal estate tax return (Form 706) and make the portability election for the estate of the deceased spouse in this course, which has been revised to focus solely on beginning estate tax return preparation. With special rules to calculate the gross and net estate, Form 706 is the most significant return most taxpayers will file. We'll dive into the portability of the deceased spousal unused exclusion amount, which is the fast-growing compliance opportunity

12/4/2015
When: 12/4/2015
9:30 AM - 5:00 PM
Where: Webcast/Webinar
Presenter: Keith Schiller, Esq.
Contact: April Deneault
801-834-6634


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Review the basics of how to prepare a federal estate tax return (Form 706) and make the portability election for the estate of the deceased spouse in this course, which has been revised to focus solely on beginning estate tax return preparation. With special rules to calculate the gross and net estate, Form 706 is the most significant return most taxpayers will file. We'll dive into the portability of the deceased spousal unused exclusion amount, which is the fast-growing compliance opportunity for your clients. Moreover, the portability election can provide significant estate tax insurance for the surviving spouse and income tax insurance for beneficiaries. Gain a basic understanding of how to complete each of the schedules, make available elections, discuss the changes arising from the 2012 Tax Act and review the most recent edition of Form 706.
Note: A companion course, Advanced Issues: The Art of the Estate Tax Return, presents in-depth discussion of issues, tax-saving strategies and planning alternatives with Form 706 using the second edition of the instructor's book, Art of the Estate Tax Return, published by Bloomberg BNA Books.


Objectives:



    Determine how to prepare each schedule to the estate tax return (Form 706).
    Identify how to present returns to minimize audit risks.
    Recognize protective and perfected refund claims with estate tax.
    Determine portability elections to benefit from the deceased spousal unused exclusion amount (DSUEA).
    Identify and discuss rules to deduct expenses and liabilities, including protective refund claims (and Schedule PC) and extra demands, and calendaring needed for your office.

   

        
   

Major Subjects:




    Updated filing requirements, new forms and IRS return review procedures
    Basic estate tax return terminology
    Action steps upon receipt of the engagement to prepare Form 706
    When to use or eschew simplified reporting while making DSUEA elections
    QTIP elections with otherwise bypass/credit-shelter trusts
    Practice forms to attach to the estate tax return
    Marital deduction elections
    Practice tips for penalty avoidance
    Reporting elections: Sec. 6166, QTIP, reverse QTIP, QDOT, alternate value and Sec. 2032A

 
           

Designed For: Attorneys, CPAs and tax practitioners who wish to understand the basics of preparing Form 706 returns.

Prerequisite:  Basic understanding of trusts and estate planning terminology.

Advanced Prep:  None

Speaker: Keith Schiller, Esq.

Vendor: CalCPA

Field of Study:     Taxes

Level:  Beginning

CPE Credit: 8 Hours

Acronym: NW706

 

Registration Fees:

Members: $275

Nonmembers: $375

 

Meet the Speaker:

Keith Schiller, JD, is a shareholder and attorney with Schiller Law Group. Mr. Schiller is a Certified Specialist in both Taxation Law and Estate Planning. Since 1987, Mr. Schiller has been a frequent lecturer for several courses on trusts and estate planning for the Education Foundation. He received the Foundation's award for Outstanding Course Materials in 2000. He is a member of both the Advisory Committee for the BNA Tax Management Estates Gifts and Trusts Journal and the Advisory Group for the Leimberg Information Services Newsletter.  Mr. Schiller is the author of Estate Planning At The Movies; Art of the Estate Tax Return. The book is a comprehensive text on the preparation of the Form 706, which integrates estate planning and uses motion picture references to aid recollection and communication of technical material and practice pointers.

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