GIFT
FEDERAL ESTATE AND GIFT TAX RETURNS - FORMS 706 AND 709 WORKSHOP

The purpose of this course is to learn how to prepare Forms 706 and 709. This practical, over 200-page manual guides the CPA through the complex issues in completing these forms.

Major topics include:

• Gift tax return basics -- Form 709
• Special gift circumstances - annual exclusion, gift-splitting, gifts to minors, and gifts for educational and medical benefits
• Overview of estate tax concepts
• Estate tax audit issues -- What triggers an audit and how to handle it
• Trusts, wills, state laws, and how they affect Form 706
• Form 706 preparation issues -- Determining includable property; determining deductions from the gross estate; the new state death tax deduction; credits against federal estate tax; calculating the federal estate tax
• Elections you need to know: alternate valuation, special-use valuation, deferred payments
• Generation-skipping transfer issues
• Filing Form 706: where, when, how much to pay, and claiming a refund
• Comprehensive case study with filled-in forms
• New, more complicated compliance in the future

Level of knowledge: Intermediate