Form 706 Preparation: Reporting Deductions 2023


October 06, 2023


Robert S. Keebler, CPA/PFS, MST, AEP

  1:00 PM ET | 12:00 PM CT | 10:00 AM PT | 120 Minutes

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


IRS Form 706 is used to calculate the taxes owed for two situations – estate taxes and generation-skipping transfers. Both of these situations can trigger a tax liability and the form must be submitted separately from your tax returns.

Completing an estate tax return can present the fiduciary of the estate with both opportunities for effective post-mortem estate planning as well as liability. Understanding the fiduciary’s obligations to file and how to file the estate tax return (Form 706) is essential for any tax professional advising the fiduciary.

During this CPE Estate Planning Course, attendees will receive in-depth analysis and practical guidance on how to report assets, get the biggest benefit out of deductions, and make advantageous elections. 

Understanding estate tax reporting is not just for large estates as portability elections make filing a consideration even for non-taxable estates. In representing fiduciaries, it is critical to understand how to insulate them from liability.

Session Highlights:

  • What are the potential risks to a fiduciary?
  • How an advisor can proactively mitigate fiduciary risks? 
  • How in recent years the new basis consistency requirements have become one of the more confusing aspects of filing estate tax returns? 
  • When does the reporting (Form 8971) need to be completed?
  • How do file these reports efficiently and accurately?
  • How to report funeral and administrative expenses on Schedule J and/or L
  • How to report debts, mortgages and liens on Schedule K
  • Marital deduction and elections, QTIP, Reverse QTIP, QDOT, over-stated marital deductions
  • Charitable deduction Schedule O and potential problems

Learning Objectives:

  • To recognize the basic concepts and issues of estate taxation.
  • To discuss the potential risks to a fiduciary and how an advisor can proactively mitigate these risks.
  • To analyze when the reporting (Form 8971) needs to be completed and how to file these reports efficiently and accurately.
  • To discuss how to prepare each schedule for the estate tax return (Form 706).
  • To recognize the only action required to elect portability.

Who Should Attend 

This course is essential for CPAs, enrolled agents, tax attorneys and other professionals who advise clients on tax, retirement and estate planning, and other wealth management matters.

Credits and Other information:

Recommended CPE credit – 2.0 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


Attendance Requirement:  Yes

Session Duration: 2 Hours

Case Studies and Live Q&A session with speaker

PowerPoint presentation for reference

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