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The federal estate tax return (Form 706) is the most complex federal tax return that most practitioners will ever encounter. The 706 generates substantial liability risks for CPAs and tax professionals due to its unique election, strategic approach toward valuation; co-existence with substantive state laws and property rights; and counter-balancing of income tax reduction against estate tax planning. This advanced course goes beyond the basics of completing Form 706—though fundamentals are discussed. Most significantly your class will focus on strategies to prepare an estate tax return and achieve successful audit results, including compliance and planning opportunities with the portability election; delivered by a nationally respected expert on federal estate tax returns with greater than 47 years experience. Uncover weaknesses in IRS arguments, how to secure the best appraisal results and effectively make portability elections. Explore counter-arguments for IRS challenges to FLPs, traps to practitioners for unreported gifts during lifetime by the decedent, formula clauses, promissory note valuation and allowable deductions. Avoiding traps in both planning and preparing Form 706—best use of administrative expense deductions. Stay on top of refund claims—additional subjects as needed by attendees. In addition, you will receive a special update of recent events in 2021 and 2022. Bring your computer or other screen-visual devices to access course materials. This course offers a great opportunity to ask questions of concern to you. Estate tax returns have been traps of “woe” for many practitioners. Don’t prepare another estate tax return without taking this course and benefiting from the insights from the text materials you receive. Course materials include the pdf edition of the instructor’s award-winning book, the 2020 supplement, “Estate Planning At The Movies®—The Art of the Estate Tax Return” and an updated addendum of developments in 2021 and 2022.
• Determine how to slash estate tax liability
• Identify topics to make your estate tax return practice more effective
• Protect valuable estate tax return elections for your clients.
• Learn practice tips to avoid claims and best practices to protect your livelihood when preparing estate tax returns
• Determine how to best integrate estate tax return preparation into your more effective accounting or law practice
• Stay current with recent estate tax-related developments, including opportunities and planning under the 2017 Tax Act
• Identify how to avoid audits and gain insight into the selection of estate tax returns for examination
• Determine the hottest issues and challenges with estate tax audits
• Benefit from the insights of your nationally-acclaimed instructor with decades of Form 706 compliance and instruction to professionals (including with the IRS)
• DSUEA— Deceased Spousal Unused Exclusion Amount (portability elections)
• Receive and review sample estate tax returns for portability elections
• Topics you want to discuss — your instructor enjoys receiving questions from attendees during class
• Impact of recent developments on the preparation of Form 706
• Death of the first spouse with formula marital deduction elections
• Death of the unmarried person with extensive estate tax return schedules completed
• Maximizing fractional interest discounts
• Strategic choices with estate tax versus income tax planning when preparing Form 706 including changes under the 2017 Tax Act
• Recommended actions for pre-filing review to determine prior and unreported lifetime gifts by the decedent
• Working with and selecting appraisers
• Understanding the impact of gift tax returns and lifetime gifts on estate tax liability and available Form 706 elections
• Reducing discounts on the death of the first spouse
• Effective planning and return preparation with FLPs and family LLCs
• Honing marital deduction reporting
• Reporting reverse QTIP elections and GST exemption allocations on Form 706
• Protective and perfected refund claims
• Requirements with Form 8971 for basis reporting consistency
• Sample letter to request a transcript of the decedent’s lifetime Form 709 filing history
Familiarity with estate tax return preparation and estate planning.
Attorneys, CPAs and tax practitioners.