GIFT
FEDERAL ESTATE AND GIFT TAX RETURNS -
FORMS 706 AND 709 WORKSHOP
The purpose of this course is to learn how to prepare
Forms 706 and 709. This practical, over 200-page manual guides the CPA
through the complex issues in completing these forms.
Major topics include:
- Gift tax return
basics -- Form 709
- Special gift circumstances
- annual exclusion, gift-splitting, gifts to minors, and gifts for educational
and medical benefits
- Overview of estate
tax concepts
- Estate tax audit
issues -- What triggers an audit and how to handle it
- Trusts, wills,
state laws, and how they affect Form 706
- Form 706 preparation
issues -- Determining includable property; determining deductions from
the gross estate; the new state death tax deduction; credits against
federal estate tax; calculating the federal estate tax
- Elections you
need to know: alternate valuation, special-use valuation, deferred payments
- State death taxes: how to take credit for the deduction
- Generation-skipping
transfer issues
- Filing Form 706:
where, when, how much to pay, and claiming a refund
- Comprehensive
case study with filled-in forms
- New, more complicated
compliance in the future
Designed
for: CPAs whose practice involves preparation of estate and gift tax returns. This is an excellent course to learn the nuts and bolts of this specialized area of practice.
Level
of knowledge: Intermediate
Field
of study: Taxes
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