Form 709 - Tax Compliance, Review and Planning (Completed)

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The course reviews the critical gift and GST challenges that a tax professional may encounter when preparing Form 709. We will cover various rules including the annual exclusion for gifts, what a professional should disclose for purposes of running the gift tax “statute of limitation”, how to report certain estate planning transaction such as GRATs, QPRTs and other split-interest transfers, and what impact might the Generation Skipping Tax (GST) may come into play. We will discuss the importance of reviewing a valuation report and how to report valuation discounts of closely held businesses. We will also explore the unique feature of “gift-splitting”, not only the election to gift-split, but how to report on Form 709 and understand the risks associated with such an election. We will discuss defined value clauses, recent court cases on the use of this estate planning technique and how to report a gift that utilized a defined value clause. The webinar will provide a good refresher of the gift tax provisions associated with gift transfers and the reporting of such transfers on Form 709.

Who Should Attend
All tax professionals who desire a better understanding of the gift tax regime and the reporting associated with Form 709.

Topics Covered

• Form 709
• Gift Splitting
• Generation Skipping Tax (GST)
• GST exemption
• IRC §529 plan gift tax treatment
• Defined value clauses
• Valuation reports
• Valuation discounts
• Form 709 – Gift Splitting
• Form 709 - Statute of limitations
• Form 709 – Late election of GST exemption
• Adequate disclosure requirements
• Reporting the use of a deceased spouse’s unused exclusion exemption amount (DSUE)

Learning Objectives

• Understand what a gift is and when it should be reported to the IRS
• Understand the annual exclusion rules and the interplay of the basic exclusion amount for large gifts
• Understand various elections including “gift-splitting” election
• Understand the important of valuation reports and the use of valuation discounts
• Understand how to report various types of gifts (e.g., IRC §529 Plans)
• Understand gift splitting and the potential risks
• Understand the role of the GST exemption
• Understand adequate disclosure requirements, the statute of limitations and potential penalties associated with disclosure, or lack thereof

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None