• IRS Form 709: The Federal Gift Tax Return

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


IRS Form 709: The Federal Gift Tax Return


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