The estate tax and generation-skipping transfer tax have returned, and the gift tax is again unified with the estate tax. Changes in the transfer tax under new law are mirrored in the compliance requirements. The purpose of this course is to learn how to prepare Forms 706 and 709 in these circumstances. This practical manual guides the CPA through the complex issues in completing these forms.

Major Topics:

  • Transfer tax reform: how enacted legislation affects estates of decedents dying in 2015 and gifts made in 2015
  • 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; 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 they now affect the federal estate tax return
  • Filing Form 706: where and when to file, how much to pay, and how to claim a refund
  • Comprehensive case study with filled-in forms
  • Portability – understanding and applying the new permanent feature
  • DSUEA – why Form 706 should be filed in smaller estates

Learning Objectives:

  • Complete an estate tax return (Form 706) and accompanying schedules
  • Identify elections on the estate tax as they relate to valuation and timing of payments
  • Complete a gift tax return (Form 709) and identify how the annual exclusion, gift-splitting, and certain transfers are properly scheduled

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
Prerequisite: A basic course in estate planning
Advanced Preparation: None
Credits: 8