Gift Tax Biggest Reporting Issues & Mistakes (Completed)

Date: Friday, March 19, 2021
Instructor: Klaralee R. Charlton
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC
2 hours Estate Planning for CFP

As a result of the temporarily increased gift tax exemption and the looming exemption decrease, clients made significant gifts during the final months of 2020. These transfers must be reported on Form 709, but mistakes on the gift tax return can have negative results years down the road. In this course we will examine some of the most common mistakes when filing a gift tax return and the best elections to make to maximize tax savings for your clients.

Who Should Attend
Attorneys, CPAs, and Enrolled Agents.

Topics Covered

  • Review of current gift and estate tax exemption laws
  • Overview of Form 709 and the key reporting requirements for an accurate return
  • Analysis of properly allocating the generation skipping tax exemption
  • Examples allocating a deceased spouse's unused exclusion against current gifts
  • Description of ideal elections to optimize client's tax savings
  • Illustrations of adequate disclosure rules for gifts of family owned entities

Learning Objectives

  • Describe the gift tax filing requirements
  • Identify the importance of gifting under the increased exemption rules
  • Identify opportunities to maximize generation skipping tax savings
  • Recognize and analyze the ideal methods for allocating the deceased spouse's unused exemption
  • Identify how to recommend elections to minimize transfer tax exposure


Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites

Advance Preparation

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