Gift Tax Biggest Reporting Issues And Mistakes

  • 01:00 PM ET | 12:00 PM CT | 10:00 AM PT | Duration: 120 Minutes
  • Credit: IRS Credits: 2 | NASBA Credits: 2| Product Code: WEB00347
Contact Person Klaralee R. Charlton
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Webinar Instruction will be emailed on your registered email address 3 days prior to webinar | Web Download / e-Transcript will be shared in 7 working days from the date of webinar

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.

Session Highlights:

  • 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
  • Learn to recognize frequent mistakes made in gift tax reporting—such as incorrect valuation, failure to file split gifts, and misreporting of trust transfers—and implement best practices to avoid them.
  • Analyze the proper application of the annual gift tax exclusion and the allocation of the deceased spouse’s unused exclusion (DSUE)

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

Credits and Other information:

  • Recommended CPE credit – 2.0
  • Recommended field of study – Taxes
  • Session Prerequisites and preparation: None
  • Session learning level: Basic
  • Location: Virtual/Online
  • Delivery method: Group Internet Based
  • NASBA Sponsor: 146439
  • IRS Course ID: PJGWS-T-00113-25-O
  • Attendance Requirement:  Yes
  • Session Duration: 2 Hours
    • Case Studies and Live Q&A session with speaker
    • PowerPoint presentation for reference

Who Will Benefit:

  • CPA
  • Enrolled Agents (EAs)
  • Tax Professionals
  • Attorneys
  • Other Tax Preparers
  • Finance professionals
  • Financial planners
Coder Archives is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
 
Speaker Profile:
Klaralee Charlton is an estate and tax attorney at 3i Law working with clients to effectively plan for the future transfer of assets and efficiently administer assets post-death. She works with clients to visualize their estate planning goals while capturing opportunities to mitigate risk, administrative burdens, and unnecessary tax liability.
 
After a death, Klaralee works alongside family members to accomplish necessary transfers and ensure reporting obligations are met. Klaralee also partners with legal and accounting professionals on case strategies to minimize tax liability and meet reporting requirements.
 
She is a frequent speaker on the topics of estate and fiduciary income tax and is an adjunct professor in the University of Denver, Graduate Tax Program.
IRS Credits
NASBA Credits
1. Are your providing Online Continuing Education Credits?

We are approved to provide CPE/CE credits to Tax Professionals

  • IRS
  • NASBA
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