Foundations of Preparing the Federal Gift Tax Return (Form 709) & Preparing the Federal Estate Tax Return (Form 706)

Icon_Webcast
Webcast
Icon_Level
Basic
Credits
CPE Credits
4 Credits: Taxes

Course Description

PART I – Foundations of Form 709 the Federal Gift Tax Return
Many taxpayers made gifts in the last year to transfer substantial assets at little to no Federal gift tax cost to take advantage of the significant federal gift tax exclusion. Proper compliance with the complex gift tax rules remains necessary to protect and preserve the advantage of the current exclusion levels. There is also the threat of coming law changes to reduce the available exclusions.

This program will provide an overview and update of the basic concepts and issues of gift taxation, give you a helpful review of recent developments affecting gifts, and describe what must be done to accurately complete Form 709 and prepare for possible law changes.

PART II – Foundations of The Federal Estate Tax Return, Form 706
This webinar addresses the preparation of IRS Form 706, the U.S. Federal Estate Tax Return. This form is a complicated return to prepare, running more than 25 pages with more than 15 schedules.

Returns to be filed in 2022 must take into account additional wrinkles and complexities that must be mastered based on the Tax Cuts and Jobs Act of 2017 as well as recent changes in tax law. Most critically for your practice, you should be prepared to properly explain portability and document those conversations and resultant client decisions to avoid potential future problems when clients choose not to file a Form 706. Filing a 706 may be necessary even with the higher exemption from tax on estates under recent tax legislation, and the threat of future reductions in the exemption amount.
The IRS has issued new proposed regulations that suggest that the anti-claw back rule of the 2019 Regulations may be limited, and additional proposed regulations limiting the interest expenses and debts an estate my deduct.

Learning Objectives

Upon completing this course, participants will be able to:

  • Identify how to apply a practical, updated understanding of the gift tax
  • Differentiate whether lifetime transfers are subject to gift tax
  • Identify how to figure gift tax liability
  • Describe the annual and lifetime gift tax exclusion amounts for 2022
  • Recognize what would be exempt and deductible from the gift tax
  • Understand the gift tax marital and charitable deductions.
  • Recognize the basic concepts and issues of estate taxation
  • Describe the practical implications of key estate tax changes and the impact on filing estate tax returns for 2022
  • Describe the parts and schedules that make up the Form 706
  • Identify how to determine estate tax liability
  • Recognize the only action required to elect portability
  • Differentiate the different schedules and how they apply to client scenarios
  • Review the latest IRS proposed regulations affecting Form 706

Course Specifics

Course ID
WC1822296823
Revision Date
September 6, 2022
Prerequisites

None

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02064-22-O
IRS Federal Tax Law Credits: 4
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1799
CTEC Federal Tax Law Credits: 4

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registeration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board.

Course Instructor

Steven G. Siegel Headshot
Steven G. Siegel, JD, LLM

Steven G. Siegel, JD, LLM, is president of The Siegel Group, which provides consulting services to attorneys, accountants, business owners, family offices, and financial planners. Based in Morristown, New Jersey, the Group provides services throughout the United States. Steven is the author of many books, including: The Grantor Trust Answer Book (2018 CCH); The Adviser’s Guide to Financial and Estate Planning(AICPA 2019); Federal Fiduciary Income Taxation (Foxmoor 2019); and Federal Estate and Gift Tax (Foxmoor 2016). He is also a co-author with Richard Oshins, Esq. of The Anatomy of the Perfect Modern Trust, Estate Planning Magazine January and February 2016. In conjunction with numerous tax-planning lectures he has delivered …

Steven G. Siegel, JD, LLM Read More »

Foundations of Preparing the Federal Gift Tax Return (Form 709) & Preparing the Federal Estate Tax Return (Form 706)

Expert Instructors
CPE CREDITS
4 Credits: Taxes

$196.00


Webcasts are available for viewing Monday - Saturday, 8am - 8pm ET.

Icon_Webcast
Webcast
Icon_Level
Basic
Credits
CPE Credits
4 Credits: Taxes

Course Description

PART I – Foundations of Form 709 the Federal Gift Tax Return
Many taxpayers made gifts in the last year to transfer substantial assets at little to no Federal gift tax cost to take advantage of the significant federal gift tax exclusion. Proper compliance with the complex gift tax rules remains necessary to protect and preserve the advantage of the current exclusion levels. There is also the threat of coming law changes to reduce the available exclusions.

This program will provide an overview and update of the basic concepts and issues of gift taxation, give you a helpful review of recent developments affecting gifts, and describe what must be done to accurately complete Form 709 and prepare for possible law changes.

PART II – Foundations of The Federal Estate Tax Return, Form 706
This webinar addresses the preparation of IRS Form 706, the U.S. Federal Estate Tax Return. This form is a complicated return to prepare, running more than 25 pages with more than 15 schedules.

Returns to be filed in 2022 must take into account additional wrinkles and complexities that must be mastered based on the Tax Cuts and Jobs Act of 2017 as well as recent changes in tax law. Most critically for your practice, you should be prepared to properly explain portability and document those conversations and resultant client decisions to avoid potential future problems when clients choose not to file a Form 706. Filing a 706 may be necessary even with the higher exemption from tax on estates under recent tax legislation, and the threat of future reductions in the exemption amount.
The IRS has issued new proposed regulations that suggest that the anti-claw back rule of the 2019 Regulations may be limited, and additional proposed regulations limiting the interest expenses and debts an estate my deduct.

Learning Objectives

Upon completing this course, participants will be able to:

  • Identify how to apply a practical, updated understanding of the gift tax
  • Differentiate whether lifetime transfers are subject to gift tax
  • Identify how to figure gift tax liability
  • Describe the annual and lifetime gift tax exclusion amounts for 2022
  • Recognize what would be exempt and deductible from the gift tax
  • Understand the gift tax marital and charitable deductions.
  • Recognize the basic concepts and issues of estate taxation
  • Describe the practical implications of key estate tax changes and the impact on filing estate tax returns for 2022
  • Describe the parts and schedules that make up the Form 706
  • Identify how to determine estate tax liability
  • Recognize the only action required to elect portability
  • Differentiate the different schedules and how they apply to client scenarios
  • Review the latest IRS proposed regulations affecting Form 706

Course Specifics

Course ID
WC1822296823
Revision Date
September 6, 2022
Prerequisites

None

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02064-22-O
IRS Federal Tax Law Credits: 4
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1799
CTEC Federal Tax Law Credits: 4

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registeration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board.

Course Instructor

Steven G. Siegel Headshot
Steven G. Siegel, JD, LLM

Steven G. Siegel, JD, LLM, is president of The Siegel Group, which provides consulting services to attorneys, accountants, business owners, family offices, and financial planners. Based in Morristown, New Jersey, the Group provides services throughout the United States. Steven is the author of many books, including: The Grantor Trust Answer Book (2018 CCH); The Adviser’s Guide to Financial and Estate Planning(AICPA 2019); Federal Fiduciary Income Taxation (Foxmoor 2019); and Federal Estate and Gift Tax (Foxmoor 2016). He is also a co-author with Richard Oshins, Esq. of The Anatomy of the Perfect Modern Trust, Estate Planning Magazine January and February 2016. In conjunction with numerous tax-planning lectures he has delivered …

Steven G. Siegel, JD, LLM Read More »

Foundations of Preparing the Federal Gift Tax Return (Form 709) & Preparing the Federal Estate Tax Return (Form 706)

Expert Instructors
CPE CREDITS
4 Credits: Taxes

Webcasts are available for viewing Monday - Saturday, 8am - 8pm ET.

$196.00