Form 706 is unlike any other tax return and requires 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 fast-paced 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 a “quickie” 706 for surviving spouses wishing to elect portability for smaller estates in accordance with the July 2022 Revenue Procedure. A general understanding of the concept of estate tax will be helpful prior to attending this course.
Who Should Attend:
- Enrolled Agents
- Identifying the gross estate and how to properly report the most common assets on Form 706 and its schedules.
- Analyzing permissible deductions and how to report deductions to provide your client with the best tax saving opportunities.
- Reviewing necessary elections made on Form 706 and the proper times to make these elections.
- Explaining the allocation of the decedent’s lifetime exemption, a deceased spouse’s unused exemption, and the generation skipping transfer tax exemption.
Upon successful completion of this course, participants will be able to:
- Describe the assets which make up the gross estate and the permissible deductions claimed on Form 706.
- Analyze the allocation of the estate and generation skipping tax exemptions.
- Recommend elections based on the client’s estate planning documents, future asset growth, and needs of the surviving spouse and children.
- Understand the filing requirements for clients with both taxable and nontaxable estate.
CPE Credits: 4
NASBA Field of Study: Individual and Fiduciary Income Tax, Estate and Gift Tax, Estate Planning
Program Prerequisites: None
Advance Preparation: None
This program has been approved for 4 CPE credits under NASBA.