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We are approved to provide CPE/CE credits to Tax Professionals
- IRS
- NASBA
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Foundations Of Preparing Form 706 Estate Tax Return
- Sep 22, 2021 Wednesday | 12:00 PM ET | 11:00 AM CT | 09:00 AM PT | Duration: 240 Minutes
- Credit: IRS Credits: 4.0 | NASBA Credits: 4.0 | QAS: 4.0 |
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
With the constant threat of the estate tax exemption shrinking, the risk of estate tax is front and center for many clients. The Estate Tax return, Form 706, is unlike any other tax return and requires a thorough understanding of what makes up the Gross Estate, which Deductions are permissible, and how to allocate the lifetime Estate Tax and Generation Skipping Tax Credit. Additionally, Portability and QTIP elections must be made in a timely manner enabling clients to save thousands of tax dollars. This foundational course will walk you through preparing Form 706 from beginning to end and point out pitfalls to avoid. We will also review how to file Form 706 for surviving spouses wishing to elect portability for smaller estates. A general understanding of the concept of estate tax will be helpful prior to attending this course.
Session Highlights:
- Explain the basic rules related to federal estate tax including the lifetime exemption and portability.
- Identify assets includable in a taxpayer’s gross estate.
- Describe the various deductions permissible to claim on an estate tax return.
- Summarize the types of estate planning documents that may control a taxpayer’s estate.
- Prepare a basic Form 706 Estate Tax return for a taxpayer filing for a taxable estate and for a taxpayer filing solely for portability.
- Report distributions on Form 8971 if required as part of the Form 706 filing package.
- above-mentioned tax return.
- Complete understanding of estate and gift taxation.
- Income tax consequences.
- Overlooked GST issues.
Learning Objectives:
- Understand the basic application of estate tax to a deceased taxpayer’s estate.
- Identify filing obligations for clients with taxable and non-taxable estates.
- Analyze the inclusion of assets in the taxpayer’s estate and permissible deductions.
- Prepare basic estate tax returns for both taxable estates and non-taxable estates.
Who Will Benefit:
- CPA's
- Tax Attorneys
- Accountants
- Tax Compliance Managers
- Other Tax Professionals
Speaker Profile:
Klaralee Charlton is a Shareholder with Katz, Look & Onorato, P.C. where she practices fiduciary tax, estate administration, and business transactional law. As part of her practice, Ms. Charlton guides clients through the process of administering a loved one’s estate including the collection, valuation, management and transfer of assets including financial accounts, real estate, and business interests with a focus on minimizing estate and income tax liability. She also works closely with trustees of ongoing trusts to ensure compliance and prepares clients’ fiduciary income tax returns annually.
Klaralee has written and lectured on topics including estate and gift tax, fiduciary income tax reporting and U.S. regulations governing the valuation of small family businesses. She previously served as Chair of the Colorado Bar Association, Tax Section and President of the Greater Denver Tax Counsel Association. She earned her J.D. from the University of Utah, S.J. Quinney College of Law, her LL.M. in Tax Law from the University of Denver, and her B.A. in political science from Bryn Mawr College. She is admitted to practice in both Colorado and Montana.
Credits and Other information:
- Session Duration: 4 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
- Session learning level: Introductory
- Delivery method: Group Internet Based
- IRS Credits: 4 Tax Hours
- IRS Course ID: PJGWS-T-00029-21-O
IRS Credits
NASBA Credits
QAS
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12. I took a webinar, where is my certificate?
We will email your certificate within 3 working days of the end of the webinar, or you can login your account at www.pro2learn.com. If you don’t receive the email within 3 working days of the end of the webinar, check your spam/junk folder. If it’s not there, we recommend that you send us an email at support@pro2learn.com or connect over the online chatroom.
Klaralee R. Charlton
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