Form 709: Tax Compliance, Review and Planning

Author: Michael Miranda

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.

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

Publication Date: January 2026

Designed For
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
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None