Effective Preparation of the Federal Estate Tax Return (IRS Form 706)


August 19, 2021


Keith Schiller

  1:00 PM ET | 12:00 PM CT | 10:00 AM PT | 240 Minutes

* Not able to attend the live session? We can arrange an on-demand session for You. Please call 1-‪814-892-0304


The Form 706 has been cited as the source for the greatest number of error and omission claims against the accountancy profession. The estate tax return is likely the most complex and consequential federal return that most practitioners will face. Laden with special rules, elections with deadlines, the integration of substantive state and federal tax law, the Form 706 creates unique challenges for the unwary and even experienced practitioners. This program is designed to encourage better practice points, highlight common mistakes, expose common problems that generate audit while providing practical guidance to prepare effective, tax-savings estate tax returns . 

This course will review how to prepare the federal estate tax return while highlighting practice tips recommended by IRS estate tax attorneys and your highly-experienced presenter Keith Schiller with emphasis on actions to better prepare the Form 706 and help avoid liability claims.  

Learning Objectives:

  • Learn how to prepare each schedule to the Form 706, using a sample return as an illustration.
  • Understand when the Form 706 is due…. This may seem simple, but it has been a problem for many practitioners. 
  • Highlights of portability elections to make the deceased spousal unused exclusion amount (DSUA) available to the surviving spouse-- especially important in light of possible changes to the estate tax law and a source of omission claims against practitioners who overlook this election or its benefits. 
  • Receive key practice pointers to save taxes and avoid liability claims (extension of time to file and pay estate tax, importance of requesting gift tax return transcripts from the IRS, how to effectively make formula-based marital deduction and generation-skipping transfer tax (GST) elections, and how to present the Form 706 to reduce audit risk and issues). 
  • Learn about valuation discounts (including on the death of the first spouse) and how to work with appraisers for effective appraisal results.

Who Should Attend?

  • CPA's
  • Enrolled Agents
  • Tax Attorneys
  • Other Tax Professionals who advise clients on tax, retirement and estate planning, and other wealth management matters.

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