Reporting Charitable Bequests on Form 706 and Form 1041
Date: Monday, July 20, 2026
Instructor: Klaralee R. Charlton
| Begin Time: |
9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time |
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
|
NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Charitable bequests are a cornerstone of many estate plans, yet improper drafting or reporting can significantly reduce the intended tax benefits or create compliance risk. This course guides tax and accounting professionals through the complex rules governing charitable bequests reported on the federal estate tax return (Form 706) and the fiduciary income tax return (Form 1041). Participants will examine how specific bequests, property transfers, and residuary charitable interests are treated for estate and income tax purposes.
The course addresses percentage‑based charitable residuary bequests, circular calculations on Form 706, and the requirements for claiming charitable income tax deductions on Form 1041. Emphasis is placed on common reporting pitfalls, coordination with governing documents, and best practices for maximizing charitable deductions while remaining compliant with IRS rules.
Who Should Attend
This course is designed for professionals involved in estate and fiduciary tax planning and compliance.
Topics Covered
- Types of charitable bequests and their tax treatment
- Reporting charitable transfers on Form 706
- Calculating deductions for percentage‑based residuary bequests
- Charitable income tax deductions on Form 1041
- Common post‑death reporting errors and IRS challenges
- Best practices for estate and fiduciary charitable reporting
Learning Objectives
- Differentiate between specific and residuary charitable bequests for federal estate tax purposes
- Calculate allowable charitable deductions when preparing Form 706
- Analyze eligibility for charitable income tax deductions on Form 1041
- Apply IRS rules to percentage‑based charitable residuary bequests
- Identify drafting and reporting practices that maximize charitable deductions and minimize risk
Level
Intermediate
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Basic understanding of Trust and Estate Taxation
Advance Preparation
None
