Foundations of Preparing Form 706 Estate Tax Return
EVENT DATE:
PRESENTER(s): Klaralee R. Charlton
This program has been approved IRS CPE Credit 4(Taxes)
Download Attendee Material
Conference Material (Password Required)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.
- Explain the basic rules related to federal estate tax including the lifetime exemption and portability.
- Identify assets includable in a taxpayer’s gross estate.
- Describe the various deductions permissible to claim on an estate tax return.
- Summarize the types of estate planning documents that may control a taxpayer’s estate.
- Prepare a basic Form 706 Estate Tax return for a taxpayer filing for a taxable estate and for a taxpayer filing solely for portability.
- Report distributions on Form 8971 if required as part of the Form 706 filing package.
- above-mentioned tax return.
- Complete understanding of estate and gift taxation.
- Income tax consequences.
- Overlooked GST issues.
Learning Objectives:
- Understand the basic application of estate tax to a deceased taxpayer’s estate.
- Identify filing obligations for clients with taxable and non-taxable estates.
- Analyze the inclusion of assets in the taxpayer’s estate and permissible deductions.
- Prepare basic estate tax returns for both taxable estates and non-taxable estates.
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:
- CPA's
- Tax Attorneys
- Accountants
- Tax Compliance Managers
- Other Tax Professionals
