Preparing Gift and Estate Tax Forms

In addition to federal estate tax liability, nineteen states impose some form of estate or inheritance tax. Clients residing in these states or simply owning property in these states may have to file a state level estate tax return even if their gross estate is far less than the federal estate tax exemption. This course will familiarize practitioners with the various taxing methods in states assessing state level estate and inheritance tax and demonstrate the typical calculations required for accurate preparation of these state level returns. Attendees should have a general familiarity with gift and estate tax.

Preparing Form 709 Federal Gift Tax Return Many taxpayers made gifts in the last year to transfer substantial assets at little to no Federal gift tax cost to take advantage of the significant federal gift tax exclusion. Proper compliance with the complex gift tax rules remains necessary to protect and preserve the advantage of the current exclusion levels. There is also the threat of coming law changes to reduce the available exclusions. This course addresses the proper preparation of Form 709, the U.S. Federal Gift Tax Return that needs to be filed. It will provide an overview and update of the basic concepts and issues of gift taxation, give you a helpful review of recent developments affecting gifts, and describe what must be done to accurately complete Form 709 and prepare for possible law changes.

Learn How to Prepare the Federal Estate Tax Return, Form 706 This course addresses the preparation of IRS Form 706, the U.S. Federal Estate Tax Return. This form is a complicated return to prepare, running more than 25 pages with more than 15 schedules. Returns for 2023 must take into account additional wrinkles and complexities that must be mastered based on the Tax Cuts and Jobs Act of 2017 as well as recent changes in tax law. Most critically for your practice, you should be prepared to properly explain portability and document those conversations and resultant client decisions to avoid potential future problems when clients choose not to file a Form 706. Filing a 706 may be necessary even with the higher exemption from tax on estates under recent tax legislation, and the threat of future reductions in the exemption amount. The IRS has issued new proposed regulations that suggest that the anti-claw back rule of the 2019 Regulations may be limited.