Gift Tax Biggest Reporting Issues and Mistakes (Completed)
Date: Wednesday, July 16, 2025
Instructor: Klaralee R. Charlton
| Begin Time: |
11:00am Pacific Time
12:00pm Mountain Time
1:00pm Central Time
2:00pm Eastern Time |
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC
2 hours General Principles of Financial Planning for CFP |
|
NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Gift tax reporting is complex, and common mistakes can lead to audits, penalties, and unintended tax consequences. This course examines the most frequently misreported gift tax transactions and provides guidance on avoiding costly errors.
Participants will explore key reporting challenges, including gift splitting, Crummey transfers, generation-skipping tax (GST) allocation, annual exclusion misapplications, and the proper allocation of the deceased spouse’s unused exclusion (DSUE). The course will also cover reportable transactions related to discounted gifts, including valuation considerations, IRS scrutiny of valuation discounts, and best practices for properly reporting discounted transfers.
Practitioners will gain the knowledge needed to ensure accurate and compliant Form 709 filings while minimizing tax risks for clients. This course is ideal for tax professionals advising clients on gift tax planning and reporting.
Topics Covered
- Common errors in gift tax reporting and how to avoid them
- Proper application of gift splitting, Crummey transfers, and the annual exclusion
- Generation-skipping tax allocation and its impact on gift tax reporting
- Reporting requirements and IRS scrutiny of discounted gifts
- Allocating the deceased spouse’s unused exclusion (DSUE) on Form 709
Learning Objectives
- Identify common gift tax reporting errors, including mistakes in gift splitting, Crummey transfers, and generation-skipping tax (GST) allocation
- Analyze the proper application of the annual gift tax exclusion and the allocation of the deceased spouse’s unused exclusion (DSUE)
- Evaluate the tax implications and reporting requirements for discounted gifts, including valuation considerations and potential IRS scrutiny
- Determine best practices for accurately completing Form 709 to ensure compliance and minimize audit risk
- Apply gift tax rules to properly report complex transactions while optimizing tax benefits for clients
Level
Intermediate
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Basic understanding of gift and estate tax.
Advance Preparation
None
