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Beyond the Numbers: Understanding the Important Gift, Estate, and Income Tax Elections

4.6 (17)

Robert Keebler, CPA, CGMA, CPA/PFS, AEP

Keebler & Associates LLP

Wednesday, October 28, 2020 | 11:30 AM EDT

  • AFSP
  • CPA
  • EA
  • Tax Preparer
  • CPA/PFS
  • TEP
  • CTEC
  • CSA

2 Credits

$20

Subject Area

Taxes

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Course Description

How often do you prepare a trust return and see the trust's marginal tax rate is too high? Form 709, Federal Gift Tax return and Form 706, Federal Estate Tax return, are key parts of any practice involving estate planning and wealth management. There have been many recent tax law changes that impact these two returns and practitioners who’ve not prepared one of these returns in recent years must understand the latest changes to file these forms accurately.

Many taxpayers made gifts in recent years to transfer substantial assets at little to no federal gift tax cost to take advantage of the significant federal gift tax exclusion. Proper compliance with the complex gift tax rules remains necessary to protect and preserve the advantage of the current exclusion levels. In this fast-paced webinar Robert will discuss important elections associated with Form 709, 706, and 1041. The focus of this course will be reviewing returns and identifying key issues.

Highlights of the webinar : 

  • Gift splitting elections
  • Reverse QTIP elections
  • Electing out of automatic GST allocations
  • Valuation issues
  • 5-year 529 plan elections
  • Section 2642(c) charitable issues
  • Section 691(c) issues
  • Section 2013 PPT Credits
  • Adequate disclosure rules
  • Statute of limitations issues
  • Section 2032A and alternative valuation date
  • 754 partnership elections
  • Understanding DNI
  • Planning for Kenan gains

Learning Objectives

  • To recall the practical and updated understanding of the federal gift tax.
  • To identify the parts and schedules that make up the Form 709.
  • To identify which lifetime transfers are subject to gift tax
  • To recall the practical understanding of the federal estate tax

Who Should Attend?

  • Accountant
  • Accounting Firm
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • Entrepreneurial CPA
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • Young CPA

Testimonial

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4.6

(17)
71%
24%
6%
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