Gift Tax Biggest Reporting Issues and Mistakes
Author: Klaralee R. Charlton
| 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 12/31/2025 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
As a result of the temporarily increased gift tax exemption and the looming exemption decrease, clients have been making significant gifts during the past two years and especially leading up to the end of 2022. 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.
Publication Date: March 2023
Designed For
Attorneys, CPAs, and Enrolled Agents.
Topics Covered
- Overview of gift and estate tax exemption laws
- Gift tax filing requirements and penalties
- Reporting gifts and preparing an accurate return
- Allocating the annual exclusion and generation skipping tax exemption
- Electing gift splitting to maximize annual exclusion
- Deceased spouse's unused exclusion (aka portability)
- Adequate disclosure rules
Learning Objectives
- Describe the gift tax filing requirements
- Recognize the importance of gifting under the increased exemption rules
- Identify opportunities to maximize generation skipping tax savings
- Identify the ideal methods for allocating the deceased spouse's unused exemption
- Identify elections to minimize transfer tax exposure
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
