Estate and Gift Taxation and Preparing Form 706 and 709
Description:
Get Expert Tips and Tactics for Preparing Estate and Gift Tax Returns
Form 709, Federal Gift Tax return and Form 706, Federal Estate Tax return, are key parts of any practice involving estate planning and wealth management. There have been many recent tax law changes that impact these two returns and practitioners who’ve not prepared one of these returns in recent years must understand the latest changes to file these forms accurately. Form 706 runs more than 25 pages and has more than 15 schedules and the recent implementation for portability has offered some simplification but has, at the same time, created new layers of complexity in approaching both gift and estate planning considerations.
Many taxpayers made gifts in recent years 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.
All tax preparers, accountants, attorneys and financial planners who advise clients on tax and estate planning and other wealth management matters will benefit from this insightful seminar. Participate in this program from the convenience of your office with nothing more than your computer and broadband Internet access.
Session Highlights:
- Transfers Subject to the Gift Tax
- Transfers That Are Not Subject to the Gift Tax
- Exclusions from the Gift Tax
- Gift-Splitting by Spouses
- Available Gift Tax Deductions
- Understanding How Portability Works and the New DSUE Calculation
- Valuation of Gifts
- Avoiding Gift Treatment by Using Disclaimers
- Statutes of Limitations and the Adequate Disclosure Rules
- Preparing Form 709
- Is a Federal Estate Tax Return Required?
- Understanding How Portability Works and the New DSUE Calculation
- Addressing the "Simplified" Form 706
- Due Dates and Extensions - Forms to File
- Preparing Form 706 Asset Schedules A through I
- Use of the Alternate Valuation Date
- Preparing Form 706 Deduction Schedules J through U
- Preparing Form 706 Schedules R and R-1: Generation-Skipping Transfer Tax
- Completing the Return
- Installment Payment of Tax Election: Section 6166
Who Should Attend:
- CPA, EA, attorney, and staff
- Tax department
- CFOs and controllers
- Accounts payable and Accounting Managers
- Public accountants
- Sole Proprietors
Speaker
Warren M. Bergstein
Warren have been a CPA for 40 years—and an Accredited Estate Planner (AEP®) for 25—working in firms of all sizes, from his own one-man operation to one of the Big Five. Despite all of the changes he has seen, some things remain absolutely constant: what his clients most need from him, even though they may not always be aware of it. At his firm, Adelman, Katz & Mond LLP, his clients, who include primarily high net worth individuals, entrepreneurs and sole proprietors, benefit from his expertise in tax law, its applications and implications for individuals. Warren is an adjunct professor of accounting and taxation at Long Island University, New Jersey City University, and Rutgers. He has spoken at the Institute of Management Accountants, both the New York and Long Island chapters of the Financial Planning Association, the New York State Society of CPAs, New York University, and others. In addition, he is an accomplished author, and has regularly contributed to publications like Marshall Loeb’s Money Guide, Taxation for Accountants, and The CPA Journal. Warren has been very active in professional organizations, and has frequently been elected as president, board member or committee chair. Warren is a fan of local sports teams. He also likes to read biographies and books on current events.
