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A Practical Explanation of Estate Tax Return (Form 706) Preparation

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • CFA
  • EA
  • ORTP
  • CPA/PFS
  • TEP
  • ChFC
  • CSA
  • MRTP
  • ERPA
  • FSCP
  • CASL
  • ChSNC
  • RICP
  • WMCP
  • CIPM
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

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 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.

The following major questions are answered in this CE/CPE Tax webinar:

  • 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?

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.

Recommended For

  • This IRS-Approved CE course is recommended for CPA, CFA, CIPM, ChFCA, CASL, ChSNC, RICP, WMCP, FSCP, TEP, CSA, PFS, EA, ERPA, AFSP, CRTP, MRTP, ORTP, CFIRS, CWS, and Other Tax Professionals who want to understand the practical explanation of estate tax return preparation.

Who Should Attend?

  • California Registered Tax Professional
  • Certified Public Accountant (CPA)
  • CPA (Industry)
  • CPA - Large Firm
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Firm
  • Tax Managers
  • Tax Professionals
  • Tax Pros
  • Trust & Estate Tax Professional
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1.5 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals
  • 1 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
  • 1 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1067)
  • 1.5 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1.5 PL Credit of Estate Planning for Chartered Financial Analyst (CFA)
  • 1 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01331-22-O)
  • 1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01331-22-O)
  • 1.5 CPD Credit of Estate Planning for Personal Financial Specialist (PFS)
  • 1.5 CPD Credit for Trust and Estate Practitioners (TEP)
  • 1.5 CPE Credit of Estate Planning for Chartered Financial Consultant (ChFC)
  • 1.5 CE Credit of Financial aspects of estate and retirement planning for Certified Senior Advisor (CSA)
  • 1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01331-22-O)
  • 1 CE Credit of Qualified Retirement Plan Matters for Enrolled Retirement Plan Agent
  • 1.5 CPE Credit of Estate Planning for Financial Services Certified Professional (FSCP)
  • 1.5 CPE Credit of Estate Planning for Chartered Advisor in Senior Living (CASL)
  • 1.5 CPE Credit of Estate Planning for Chartered Special Needs Consultant (ChSNC)
  • 1.5 CPE Credit of Estate Planning for Retirement Income Certified Professional (RICP)
  • 1.5 CPE Credit of Estate Planning for Wealth Management Certified Professional (WMCP)
  • 1.5 PL Credit of Estate Planning for Certificate In Investment Performance Measurement (CIPM)
  • 1.5 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1.5 CE Credit for Certified Wealth Strategist (CWS)

Additional details

  • Course Level :
    Basic
  • Credits :
    1.5
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

James Dougherty

Partner, Dungey Dougherty PLLC

James I. Dougherty is a founding member of Dungey Dougherty PLLC with offices in Greenwich, Connecticut and New York City. His practice focuses on all aspects of the estate planning and administration process. He is a past Trusts & Estates Fellow for the Real Property, Trust & Estate Law Section of the American Bar Association for 2016-2018 and an ACTEC Dennis I Belcher Young Leader for 2019-2020. James frequently lectures on estate planning and probate issues to various professional organizations. He has been published in Trusts & Estates, Bloomberg BNA Estates, Gifts, & Trusts Journal, STEP Journal, ACTEC Law Journal, Probate & Property, as well as other publications. He is a member of the Connecticut Bar Association, Greenwich Bar Association, New York State Bar Association and American Bar Association. In RPTE, he is Co-Vice Chair of the National CLE Conference and Co-Chair of the Non-Tax Issues Affecting the Planning and Administration Committee. James is the Treasurer of the Estates & Probate Section of the Connecticut Bar Association. He is also an Editorial Board Member for Trust & Estates. He earned his B.A. in History & Policy, Phi Beta Kappa, from Carnegie Mellon University and his J.D. degree, cum laude, from William & Mary School of Law.

About Company

Dungey Dougherty PLLC

dungeydougherty.com/

Dungey Dougherty PLLC was created to provide high-end, high-touch trust and estate services tailored to our clients. 

Faq

FAQs content

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  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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A Practical Explanation of Estate Tax Return (Form 706) Preparation

FREE

1.5 Credits

Subject Area

Taxes

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