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

4 Credits: Taxes


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

Course Level
CPE Credits

4 Credits: Taxes

Course Description

In the intricate world of tax compliance, understanding the nuances of Form 709 for Federal Gift Tax Returns and Form 706 for Federal Estate Tax Returns is crucial, yet challenging for many tax professionals. With recent significant asset transfers taking advantage of federal gift tax exclusions and the looming threat of law changes, accurate compliance is more critical than ever. This comprehensive CPE webcast course is designed to provide a thorough understanding of these complexities. Part I of the CPE course delves into the foundations of Form 709, offering an overview of gift taxation principles, recent developments, and strategies for accurate completion and anticipation of law changes. Part II focuses on Form 706, navigating the elaborate process of estate tax return preparation, including the implications of recent tax law changes and proposed regulations. This program is an essential guide for professionals seeking to master these forms, ensuring precise compliance and effective client advising in the ever-changing landscape of tax law.

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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
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Course Specifics

Course ID
Revision Date
September 6, 2022


Advanced Preparation


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 registration 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. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

CTEC Notice: California Tax Education Council DOES NOT allow partial credit, course must be taken in entirety. Western CPE has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone toll-free at (877) 850-2832, or on the Internet at

Meet The Experts

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 …