The Preparation of Form 706 and 709 - Understanding the Law, Line-By-Line

Overview

Tax compliance issues in estate and gift taxation are sometimes confusing to practitioners because many lack experiences in this area. This course, is a the entire 2-part series (6 CPE hours in total). It provides the practitioner with a practical understanding of Federal estate and gift tax law, as well as provide the practitioner with a “hands-on” understanding as to how to prepare both the Federal Form 706 (Estate Tax return) and the Federal Form 709 (Gift Tax return) line by line. Emphasis will be given on the various of the Internal Revenue Code Sections that deal with this topic (income taxation of estates and trusts). Mastering these sections of the Internal Revenue Code areas will allow the practitioner to start their understanding of tax compliance in preparing Federal Forms 706 and 709 and gain confidence in preparing these difficult tax returns.

**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 leighanne.conroy@acpen.com.

Highlights

Understanding the basics of Estate and Gift Taxation
Understanding valuation of assets
Understanding what constitutes the “Gross Estate”
Understanding the various deductions (funeral and administrative expenses)
Understanding debts Understanding the charitable deduction
Understanding the marital deduction
Understanding the calculation and the various tax credits
Overview of the Federal Form 706
Overview of the Federal Form 709
How to prepare a federal estate tax return (Form 706)
How to prepare a federal gift tax return (Form 709)
How to comply with “Portability”
Coordination of the various 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 returns

Prerequisites

None

Designed For

CPAs, EAs, attorneys, and other tax professionals

Objectives

To provide an overview and guide to understanding Federal Estate and Gift Taxation so that a practitioner will able to successfully prepare Internal Revenue Service Forms 706 and 709.
To provide a line-by-line understanding of the tax compliance issues in preparing the Federal Forms 706 and 709 so that the practitioner will able to successfully add this compliance are to their practice