If you have questions about this event, please call us at 952-831-2707.
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.
Attorneys, CPAs and tax practitioners.