Preparing Form 706: The Federal Estate Tax Return


August 23, 2022


Steven G. Siegel

  12:00 PM ET | 11:00 AM CT | 09:00 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


Learn How to Prepare the Federal Estate Tax Return, Form 706 

The course provides a solid foundational base for tax professionals, CPAs and their support staff in the preparation of the federal estate tax return (Form 706). As a result of the increase in the estate tax exemption allowance, practitioners have fewer opportunities to prepare the Form 706 than decades ago when the tax-free allowance was substantially less.

At the same time, the estate tax return has become more complex with additional elections, challenges and opportunities. Course materials include each schedule and page of the Form 706. Special focus will be given to introduce practitioners to Form 706, review a sample return on the death of the first spouse and a return making a portability election for the estate of the deceased spouse. A review of the basics in preparing Form 706, and making the portability election for the estate of the deceased spouse. Master the portability of the deceased spousal unused exclusion amount, which is a fast-growing compliance opportunity for clients.

Review how the portability election can provide significant estate tax insurance for the surviving spouse and income tax insurance for beneficiaries. Also, study the completion of each of the schedules and make available elections. Further, discuss requirements arising from the most recent changes in federal estate tax law, and the latest edition of Form 706. We'll also review income tax basis consistency reporting rules with the preparation of Form 706.

Session Highlights:

  • Filing requirements, new forms and IRS return review procedures
  • Estate tax return terminology
  • Action steps upon receipt of the engagement to prepare Form 706
  • Obtaining transcripts of the decedent's gift tax reporting history
  • New procedures with closing letters
  • Introduction to each schedule and page on the return
  • When to use or eschew simplified reporting while making DSUEA elections
  • Integration of income tax basis consistency rules with the Form 706
  • QTIP elections with otherwise bypass/credit-shelter trusts
  • Identify common practitioner errors arising with over-stated marital deductions and how to correctly report the taxable estate
  • Practice forms to attach to the estate tax return
  • Marital deduction elections
  • GST treatment on Schedule R and its integration with the marital deduction reporting on Schedule M
  • 2022: New rulings and deadline for obtaining copies of prior estate tax returns while they remain available from the IRS
  • Practice tips for penalty avoidance
  • Reporting elections: Sec. 6166, QTIP, reverse QTIP, QDOT, alternate value and Sec. 2032A

Learning Objectives:

  • Determine how to prepare each schedule to the estate tax return (Form 706)
  • Discover why teamwork among the taxpayer's advisors is crucial with Form 706 preparation and reduction of practitioner risk
  • Identify how to present returns to minimize audit risks
  • Learn the filing and due date requirements-- often the source of liability claims against accountants.
  • Recognize protective and perfected refund claims with estate tax
  • Determine portability elections to benefit from the deceased spousal unused exclusion amount (DSUEA)
  • Identify and discuss rules to deduct expenses and liabilities, including protective refund claims (and Schedule PC) and extra demands, as well as calendaring needed for your office
  • Learn how to work with formula clauses that express the estate tax marital deduction and credit shelter shares

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 – 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


Attendance Requirement:  Yes

Session Duration: 4 Hours

Case Studies and Live Q&A session with speaker

PowerPoint presentation for reference

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