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22WC-0958: Preparing Form 706: The Federal Estate Tax Return (Webinar)

If you have questions about this event, please call us at 952-831-2707.

Date Friday, December 9, 2022
Time 10:00am - 5:30pm
Central Time
Location Online
CPE credits CPE 8.0
of study
Taxes - Technical (8.0)
Instructor Keith Schiller, Esq. MBA
California Society of CPAs
Standard Member Fee $289.00
Standard Nonmember Fee $389.00


The course provides a solid foundational base for tax professionals, CPAs and their support staff in the preparation of the federal estate tax return (Form 706). As a result of the increase in the estate tax exemption allowance, practitioners have fewer opportunities to prepare the Form 706 than decades ago when the tax-free allowance was substantially less. At the same time, the estate tax return has become more complex with additional elections, challenges and opportunities. Course materials include each schedule and page of the Form 706. 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. Two sample estate tax returns are discussed in a schedule-by-schedule format.  Note: A companion course, Advanced Issues: The Art of the Estate Tax Return , presents an in-depth discussion of issues, tax-saving strategies and planning alternatives with Form 706 using the instructor's book,  Art of the Estate Tax Return (2nd ed.), Bloomberg BNA Books.

Who should take this program?

Attorneys, CPAs and tax practitioners.

Major subjects

  • Filing requirements, new forms and IRS return review procedures
  • Estate tax return terminology
  • Action steps upon receipt of the engagement to prepare Form 706
  • Obtaining transcripts of the decedent's gift tax reporting history
  • New procedures with closing letters
  • Introduction to each schedule and page on the return
  • When to use or eschew simplified reporting while making DSUEA elections
  • Integration of income tax basis consistency rules with the Form 706
  • QTIP elections with otherwise bypass/credit-shelter trusts
  • Identify common practitioner errors arising with over-stated marital deductions and how to correctly report the taxable estate
  • Practice forms to attach to the estate tax return
  • Marital deduction elections
  • GST treatment on Schedule R and its integration with the marital deduction reporting on Schedule M
  • 2022: New rulings and deadline for obtaining copies of prior estate tax returns while they remain available from the IRS
  • Practice tips for penalty avoidance
  • Reporting elections: Sec. 6166, QTIP, reverse QTIP, QDOT, alternate value and Sec. 2032A

Learning objective(s)

  • Determine how to prepare each schedule to the estate tax return (Form 706)
  • Discover why teamwork among the taxpayer's advisors is crucial with Form 706 preparation and reduction of practitioner risk
  • Identify how to present returns to minimize audit risks
  • Learn the filing and due date requirements-- often the source of liability claims against accountants.
  • Recognize protective and perfected refund claims with estate tax
  • Determine portability elections to benefit from the deceased spousal unused exclusion amount (DSUEA)
  • Identify and discuss rules to deduct expenses and liabilities, including protective refund claims (and Schedule PC) and extra demands, as well as calendaring needed for your office
  • Learn how to work with formula clauses that express the estate tax marital deduction and credit shelter shares


Course code Code 22WC-0958
Sponsor CalCPA Education Foundation
NASBA ID#: 104822
Level Basic
Format Group Internet Based
Prerequisites Prereq. Basic understanding of trusts and estate planning terminology.

If you have questions about this event, please call us at 952-831-2707.

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