2022 Preparing IRS Form 706: The Federal Estate Tax Return

The executor of a decedent's estate uses Form 706 to figure the estate tax imposed by Chapter 11 of the Internal Revenue Code, and also used to compute the generation-skipping transfer (GST) tax imposed by Chapter 13 on direct skips.

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.

Learning Objectives:

Upon successful completion of this course, participants will be able to:

• Learn how to prepare each schedule to the Form 706, using a sample return as an illustration.
• Identify the six major components of Form 706 and Identify compliance issues.
• Recognize the importance of the information items and questions on Form 706.
• Highlights of portability elections to make the deceased spousal unused exclusion amount (DSUA) available to the surviving spouse.
• Understand proper asset valuation compliance.
• Understand proper deduction compliance.
• Understand tax calculation.
• The ins and outs of the “portability” rules, including how the rules actually work using common examples.
• Issues involved in the preparation of the decedent’s final federal income tax return (Form 1040).
• Various postmortem estate planning issues involved in the preparation of the.
• Above-mentioned tax return.
• Complete understanding of estate and gift taxation.
• Income tax consequences.

Who Will Benefit:

• Certified Public Accountants (CPAs)
• Enrolled Agents (EAs)
• Tax Attorneys
• Financial Planners
• Other Tax Preparers
• Anyone else who would like to know more about the new IRA distribution rules in the Secure Act

Credits and Other information:

• Recommended CPE credit – 4.0 Tax Hours
• Recommended field of study – Tax
• Session Prerequisites and preparation: None
• Session learning level: Basic to Intermediate
• Location: Virtual/Online
• Delivery method: Group Internet Based
• NASBA Sponsor: 138804
• IRS Course ID: DFFSC
• Attendance Requirement:  Yes
• Session Duration: 4 Hours
• Case Studies and Live Q&A session with speaker
• PowerPoint presentation for reference