Form 706 - Tax Compliance, Review and Planning
Author: Michael Miranda
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2028 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Over the past twenty years, the estate tax burden has gradually decreased on deceased taxpayers as well as the number of qualified individuals specializing in this field. Most wealthy clients may owe estate tax and have issues that you may be faced with. It may be difficult to obtain affordable, competent individuals who you can rely on to work with you and your clients. This course will help you learn the basics of estate tax and how to complete Form 706. So, join us as we enhance your confidence to assist your clients as they navigate through a difficult time in their life.
Publication Date: January 2025
Topics Covered
- Statutory framework of the Estate Tax
- Sample Form 706 and related schedules
- Changes to the Form 706
- Basic GST principles and examples of GST reporting
- The “Portability” rules and how they work
- Review of a sample Form 706 with a DSUE election
- Special valuation rules
- The “qualified appraisal” issue
- Reviewing appraisal criteria and valuation discounts
- Form 706 important elections
- Estate tax planning
Learning Objectives
- Identify the basic framework of the Estate Tax regime
- Identify the different parts of the Form 706 and the various schedules
- Recognize how to successfully navigate the Form 706
- Identify the Deceased Spousal Unused Exemption (DSUE)
- Recognize how to handle “Portability” and comply with timely (or untimely) filings
- Identify the special valuation rules available to minimize a decedent’s overall estate tax liability
- Identify appraisals and valuation adjustments
- Identify post-mortem tax planning opportunities
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
