A revised and updated review of the basics in preparing a federal estate tax return (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 the new income tax basis consistency reporting rules with the preparation of Form 706. Additional content will be leveraged to increase basic understanding. Federal estate tax returns remain the most difficult and trap-strewn of all returns required for the estate. This course will prepare beginning practitioners to identify problems and traps before they arise, and recommend steps to protect a practice. Two sample estate tax returns are discussed in a schedule-by-schedule format.
Filing requirements, new forms and IRS return review procedures, Estate tax return terminology, Action steps upon receipt of the engagement to prepare Form 706, Introduction to each schedule and page on the return, When to use or eschew simplified reporting while making DSUEA elections, Recent developments with basis consistency rules and integration with the Form 706, QTIP elections with otherwise bypass/credit-shelter trusts, Practice forms to attach to the estate tax return, Marital deduction elections, Practice tips for penalty avoidance Reporting elections: Sec. 6166, QTIP, reverse QTIP, QDOT, alternate value and Sec. 2032A.
Basic understanding of trusts and estate planning terminology.
Attorneys, CPAs and tax practitioners.
Determine how to prepare each schedule to the estate tax return (Form 706). 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.
Keith Schiller, JD, is a shareholder and attorney with Schiller Law Group. Mr. Schiller is a Certified Specialist in both Taxation Law and Estate Planning. Since 1987, Mr. Schiller has been a frequent lecturer for several courses on trusts and estate planning for the Education Foundation. He received the Foundation’s award for Outstanding Course Materials in 2000. He is a member of both the Advisory Committee for the BNA Tax Management Estates Gifts and Trusts Journal and the Advisory Group for the Leimberg Information Services Newsletter. Mr. Schiller is the author of Estate Planning At The Movies; Art of the Estate Tax Return. The book is a comprehensive text on the preparation of the Form 706, which integrates estate planning and uses motion picture references to aid recollection and communication of technical material and practice pointers.
Non-Member Price $395.00
Member Price $295.00