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Gift tax reporting is a critical component of estate and wealth transfer planning. This course provides a comprehensive overview of Form 709 and the gift tax regime, equipping you with the knowledge to navigate complex rules and avoid costly mistakes.
You’ll learn how to apply annual exclusion rules, handle large gifts, and make elections such as gift-splitting. We’ll cover valuation reports, discounts for closely held businesses, and adequate disclosure requirements to manage the statute of limitations.
The session also explores Generation Skipping Tax (GST) implications, defined value clauses, and recent court cases impacting gift tax planning. Join us to gain practical insights and confidently prepare accurate Form 709 filings for your clients.
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
- What is a gift
- The annual gift tax exclusion and the interplay of the basic exclusion amount for large gifts
- Gift tax return election including "gift-splitting" elections
- How to report various types of gifts (e.g., IRC §529 Plan contributions)
- Review gift splitting and the potential risks
- The importance of valuation reports and the use of valuation discounts
- The role of the GST exemption
- Adequate disclosure requirements
- The statute of limitations
- The potential penalties associated with gift tax returns
- Review of Form 709 and related Schedules
Learning Objectives
- Identify what a gift is and when it should be reported to the IRS
- Identify the annual exclusion rules and the interplay of the basic exclusion amount for large gifts
- Identify various elections including “gift-splitting” election
- Identify the importance of valuation reports and the use of valuation discounts
- Explain how to report various types of gifts (e.g., IRC §529 Plans)
- Explain gift splitting and the potential risks
- Implement GST exemption strategies and disclosure requirements
- Evaluate adequate disclosure standards to manage statute of limitations and avoid penalties
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Michael Miranda
Michael R. Miranda, CPA, NQPA, AEP® is the owner of MIRANDA CPA & Consulting LLC in Sioux Falls, South Dakota. With more than 50 years of experience in taxation, estate planning, retirement plans, and consulting, he advises individuals, businesses, and professional advisors on complex tax and wealth transfer issues.
A nationally recognized speaker, Michael presents professional education programs throughout the United States on federal taxation, estate and gift planning, retirement plans, fiduciary taxation, and emerging tax developments. His practical and engaging teaching style has made him a favorite among CPAs, attorneys, financial advisors, and other tax professionals.
Michael serves on the Boards of Directors of National Advisors Trust Company of Kansas and National Advisors Trust Company of South Dakota and holds the CPA, NQPA, and AEP® professional designations.