This section of the 4-part series will cover basic form preparation of Form 706 and help participants develop a solid foundation in preparing the federal estate tax return. This section will cover running the engagement, administration issues and completion of pages 1-4 of the form, including portability election. For examples, worksheets and practice resources will be provided. Form 706 Series: Form 706 Preparation Part 1: Overview Including Portability Form 706 Preparation Part 2: Reporting Assets Form 706 Preparation Part 3: Reporting Deductions ?Form 706 Preparation Part 4: GST Schedule R, Form 8971, Payments & Credits
Learning Objectives
• Determine how to prepare pages 1
• 4 of the Form 706
• Recognize the benefits of the team approach with the client's advisors to reduce risk
• Identify how to present returns to minimize audit risk
Major Topics
• Action steps in 706 preparation engagement
• Filing requirements, new forms, IRS return review procedures, closing letters
• Obtaining transcripts and previously filed returns
• Completing introductory pages 1
• 4
• Worksheets provided: Summary of Estate Plan
• Summary of Estate and Subtrust Funding; Beneficiary Allocation Schedule
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