Tax compliance issues in estate and gift taxation are sometimes confusing to practitioners because many lack experiences in this area. This course provides the practitioner with a practical understanding of Federal estate and gift tax law. The course will examine in detail Forms 706 and 709, section by section, and will address how each form must be prepared. It will also present planning suggestions to minimize taxation wherever possible.

Foundations of Preparing Form 706: The Federal Estate Tax Return

The executor of a decedent's estate uses Form 706 to figure the estate tax imposed by Chapter 11 of the Internal Revenue Code, and, also used to compute the generation-skipping transfer (GST) tax imposed by Chapter 13 on direct skips. This form is a complicated return to prepare, running more than 25 pages with more than 15 schedules.

Session Highlights:

• Learn how to prepare each schedule to the Form 706, using a sample return as an illustration.
• Identify the six major components of Form 706 and Identify compliance issues.
• Identify how to determine estate tax liability
• Recognize the only action required to elect portability
• Recognize the importance of the information items and questions on Form 706.
• Highlights of portability elections to make the deceased spousal unused exclusion amount (DSUA) available to the surviving spouse.
• Understand proper asset valuation compliance.
• Understand proper deduction compliance.
• Understand tax calculation.
• The ins and outs of the “portability” rules, including how the rules actually work using common examples.
• Issues involved in the preparation of the decedent’s final federal income tax return (Form 1040).
• Various postmortem estate planning issues involved in the preparation of the.
• above-mentioned tax return.
• Complete understanding of estate and gift taxation.
• Income tax consequences.
• Overlooked GST issues.

Preparing Form 709: The Federal Gift Tax Return

The federal gift tax often comes as a surprise to clients who want to transfer wealth to family members. Oft ignored by the unwitting taxpayer and overlooked by the practitioner, gift tax returns are left unfiled.  Find out when these returns are due and how to prepare them. This course will take an in-depth look at a hypothetical client who has made multiple gifts over a period of years, and now seeks your help to comply with all tax reporting requirements.

Who Will Benefit:

CPA
Enrolled Agents (EAs)
Tax Professionals
Attorneys
Other Tax Preparers
Finance professionals
Financial planners

Speaker Profile:
Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished) is a partner with Keebler & Associates, LLP and is a 2007 recipient of the prestigious Accredited Estate Planners (Distinguished) award from the National Association of Estate Planners & Councils. He has been named by CPA Magazine as one of the Top 100 Most Influential Practitioners in the United States and one of the Top 40 Tax Advisors to Know During a Recession. His practice includes family wealth transfer and preservation planning, charitable giving, retirement distribution planning, and estate administration. Mr. Keebler frequently represents clients before the National Office of the Internal Revenue Service (IRS) in the private letter ruling process and in estate, gift and income tax examinations and appeals, and he has received more than 250 favorable private letter rulings including several key rulings of “first impression.” He is the author of over 100 articles and columns and is the editor, author or co-author of many books and treatises on wealth transfer and taxation. Mr. Keebler has been a speaker at national estate planning and tax seminars for over 25 years including the AICPA’s: Estate Planning, High Income, Advanced Financial Planning Conferences, ABA Conferences, NAPEC Conferences, The Notre Dame Estate Planning Conference and the Heckerling Estate Planning Institute and is the immediate past the chair of the AICPA’s Advanced Estate Planning Conference, serving in that capacity from 2014-2020.