For tax preparers and clients alike, the IRS rules for gift tax returns can be confusing. In this course, Robert Keebler provides a detailed synopsis of the rules, requirements, benefits, and potential traps involved with gifting. The course pays special attention to the marital deduction, gift splitting, adequate disclosure, the generation-skipping transfer tax, defined value and related clauses, and potential hazards. The Guide to Form 709 Gift Tax Returns will help you to ensure that your clients can successfully transfer assets and avoid paying unnecessary penalties.
Upon successful completion of this course, participants will be able to:
- Recognize how to best provide tax planning and return services with an understanding of basic rules, requirements, benefits, and potential traps involved with gifting.
- Cite and provide tax planning to take advantage of the marital deduction and gift splitting, while providing adequate disclosure.
- Identify adequate disclosure requirements, the generation-skipping transfer tax, defined value and related clauses, valuation adjustments, and potential hazards associated with gifting.
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