Description
IRS Form 709: The Federal Gift Tax
Return
Oft ignored by the unwitting taxpayer and overlooked by the
practitioner, gift tax returns are left unfiled. Find out while these
returns are due and how to prepare them. This course will take an
in-depth look at a hypothetical client who has made multiple gifts over a
period of years, and now seeks your help to comply with all tax reporting
requirements.
Many taxpayers made presents in the last year to transfer the
substantial assets at little to no Federal gift tax cost to take the advantages
of the significant federal gift tax exclusion. Proper compliance with the
complex gift tax rules which remains necessary to protect and preserve the
advantages of the current exclusion levels. There is also the threat of coming
law changes to reduce the available exclusions.
Session Highlights:
Upon completion of this course, you will be able to:
- Recognize the three elements that make a gift a “gift”.
- Identify which gifts are subject to tax.
- Understand the difference between the gift tax
exclusion and the exemption.
- Employ special rules provided for by the gift tax
regime that apply to donor spouses, non-resident aliens and expatriates.
- Complete Form 709 based on step-by-step instructions
and practice pointers provided by an experienced professional.
Learning Objectives:
- This session will answer What constitutes a gift? Are
all gifts taxed?
- What s the difference between the exclusion and the
exemption?
- What are the filing requirements for Form 709? Who is
liable for the tax?
- How does the gift tax impact the estate & GST tax
regimes?
- How is the tax computed? What taxpayer information is needed?
Credits and other information:
- Session Duration:
2 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
- Session learning level: Introductory
- Delivery method: Group
Internet Based