Preparing Form 706: The Federal Estate Tax Return

Description

Review the basics of how to prepare a federal estate tax return (Form 706) and make the portability election for the estate of the deceased spouse in this course, which has been revised to focus solely on beginning estate tax return preparation. With special rules to calculate the gross and net estate, Form 706 is the most significant return most taxpayers will file. We'll dive into the portability of the deceased spousal unused exclusion amount, which is the fast-growing compliance opportunity for your clients. Moreover, the portability election can provide significant estate tax insurance for the surviving spouse and income tax insurance for beneficiaries. Gain a basic understanding of how to complete each of the schedules, make available elections, discuss the changes arising from the 2012 Tax Act and review the most recent edition of Form 706. 

Note: A companion course, Advanced Issues: The Art of the Estate Tax Return, presents in-depth discussion of issues, tax-saving strategies and planning alternatives with Form 706.

Highlights

• Updated filing requirements, new forms and IRS return review procedures
• Basic estate tax return terminology
• Action steps upon receipt of the engagement to prepare Form 706
• When to use or eschew simplified reporting while making DSUEA elections
• Practice forms to attach to the estate tax return
• Marital deduction elections
• Practice tips for penalty avoidance
• Reporting elections: Sec. 6166, QTIP, reverse QTIP, QDOT, alternate value and Sec. 2032A

Objectives

• Learn how to prepare each schedule to the estate tax return (Form 706).
• Understand how to present returns to minimize audit risks.
• Review protective and perfected refund claims with estate tax.
• Realize how to make the deceased spousal unused exclusion amount (DSUEA) election, even when the Form 706 is not required.
• Discuss new deduction rules for expenses and liabilities and protective refund claims (and new Schedule PC).

Designed For

Attorneys, CPAs and tax practitioners who wish to understand the basics of preparing Form 706 returns.