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How To Accurately Prepare The 709 Gift Tax Return

5 (1)

Robert Keebler, CPA (US), CGMA, CPA/PFS, AEP

Keebler & Associates LLP

  • AFSP
  • CFEs
  • CPA (US)
  • EA
  • Tax Preparer
  • TEP
  • CTEC

Published: July, 2021

2 Credits

$20

Subject Area

Taxes

Webinar Qualifies For

2 CPE credit of Taxes for all CPAs

2 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-T-00177-20-S)

2 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273) (Approval No. 6273-CE-0189)

2 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

2 CPE credit for Certified Fraud Examiners (CFEs)

2 CPD credit (Verifiable) for Trust and Estate Practitioners (TEPs)

2 CPD credit (Verifiable) for CPA/PFS

2 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-T-00177-20-S)

2 CE credit of Federal Tax for Oregon Tax Preparers (Approval No. GEHNZ-T-00177-20-S)

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

You need to register for the webinar to watch the video.

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Before starting this self study program, please go through the instructional document.

Overview

  • Basics of the GIft Tax
    3 mins
  • Education And Medical Expenses
    9 mins
  • Martial Deduction
    16 mins
  • Adequate Disclosure
    34 mins
  • Non-Gift Completed Transfar
    55 mins
  • Generation Skipping Transfer Tax
    76 mins
  • Valuation Adjustment
    94 mins

Course Description

Preparing gift tax returns (Form 709) seems relatively simple. However, there are lots of traps for the unwary. Moreover, unlike income tax returns, mistakes are not quickly beyond audit and are often uncovered when the client dies – providing years.

Many taxpayers made gifts in the last year 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. Nevertheless, some of your most wealthy clients will have a taxable estate. For these select clients, making large gifts before death can be extremely tax efficient for the client and profitable for the practitioner filing the gift tax return.

This convenient and timely two-hour online CPE webinar addresses the proper preparation of Form 709, the U.S. Federal Gift Tax Return that needs to be filed.

Specifically, this Online CPE Webinar covers following Key Topics:

  • Filing obligations
  • Annual exclusion gifting and Crummy Letters
  • Using a deceased spouse’s portable exemption amount (“DSUEA”)
  • Reporting Installment Sales, Loans, Private Annuities, GRATs, QPRTs, and CRTs
  • Reporting front-loaded 529 plans


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Learning Objectives

  • To recognize the annual gift tax exclusion
  • Introduction to the proper preparation of Form 709
  • To identify the differing types of gifts, the limits, and information required on Form 709
  • To Identify how to figure gift tax liability
  • To identify what is allowed for a qualified disclaimer

Who Should Attend?

  • California Registered Tax Professional
  • Certified Fraud Examiner
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • Entrepreneurial CPA
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros

Testimonial

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