[WEB] The Line-by-Line Preparation of Federal Form 706 & 709

Description

Properly completing federal estate and gift tax returns is essential for tax professionals advising clients on wealth transfer and estate planning. This course provides a focused, step-by-step guide to preparing Form 706 (Federal Estate Tax Return) and Form 709 (Federal Gift Tax Return). Attendees will gain hands-on knowledge of key reporting requirements, valuation considerations, and tax planning strategies. The course ensures compliance with federal regulations while helping practitioners efficiently complete these forms.   

Highlights

• Line-by line preparation of Form 706 and Form 709
• Federal estate and gift tax regulations
• Valuation rules and deduction considerations
• Portability compliance and estate tax elections
• Common issues in estate and gift tax return preparation
• Coordination with the decedent's final  income tax return (Form 1040)
• Postmortem estate planning strategies
• Best practices for accurate tax reporting and compliance

LINK AND INSTRUCTIONS TO COME FROM HSCPA ONE DAY PRIOR TO SESSION

Objectives

Upon completing this course, participants will be able to:

• Accurately complete Form 706 and 709.
• Identify the necessary information and documentation for estate and gift tax reporting.
• Apply IRS guidelines for valuation and deductions.
• Understand portability elections and their impact on estate taxation.
• Analyze key filing requirements and common errors to avoid.
• Determine tax compliance strategies for estates and gifts.
• Coordinate Form 706 with the decedent's final federal income tax return (Form 1040).
• Utilize postmortem estate planning techniques to optimize tax outcomes.

Designed For

CPAs, EAs, and attorneys