Preparing Form 706: The Federal Estate Tax Return

The Form 706 has been cited as the source for the greatest number of error and omission claims against the accountancy profession. The estate tax return is likely the most complex and consequential federal return that most practitioners will face.  Special focus will be given to introduce practitioners to Form 706, review a sample return on the death of the first spouse and a return making a portability election for the estate of the deceased spouse. A review of the basics in preparing Form 706, and making the portability election for the estate of the deceased spouse. Master the portability of the deceased spousal unused exclusion amount, which is a fast-growing compliance opportunity for clients. Review how the portability election can provide significant estate tax insurance for the surviving spouse and income tax insurance for beneficiaries. Also, study the completion of each of the schedules and make available elections. Further, discuss requirements arising from the most recent changes in federal estate tax law, and the latest edition of Form 706. We'll also review income tax basis consistency reporting rules with the preparation of Form 706. Additional content will be leveraged to increase basic understanding. Federal estate tax returns remain the most difficult and trap-strewn of all returns required for the estate. This course will prepare beginning practitioners to identify problems and traps before they arise, and recommend steps to protect a practice

Session Highlights:

• Learn the way to put together every agenda to the Form 706, using a sample return as an illustration.
• Identify the six major components of Form 706 and Identify compliance issues.
• Recognize the importance of the information items and questions on Form 706.
• Highlights of portability elections to make the deceased spousal unused exclusion amount (DSUA) available to the surviving spouse.
• Understand proper asset valuation compliance.
• Understand proper deduction compliance.
• Understand tax calculation.
• The ins and outs of the “portability” rules, including how the rules work using common examples.
• Issues involved in the preparation of the decedent’s final federal income tax return (Form 1040).
• Various post-mortem property planning issues involved in the preparation of the above-mentioned tax return.
• Complete understanding of estate and gift taxation.
• Income tax consequences.
• Overlooked GST issues.

Credits and Other information:

• Session Duration: 4 Hours
• Case Studies and Live Q&A session with speaker
• PowerPoint presentation for reference
• Session learning level: Introductory
• Delivery method: Group Internet Based
• IRS Credits: 4 Tax Hours

Who Will Benefit:

• CPA's
• Tax Attorneys
• Accountants
• Tax Compliance Managers
• Other Tax Professionals