Preparing Form 709 Federal Gift Tax Return
Many taxpayers made gifts in the last year to transfer substantial assets at little to no Federal gift tax cost to take advantage of the significant federal gift tax exclusion. Proper compliance with the complex gift tax rules remains necessary to protect and preserve the advantage of the current exclusion levels. There is also the threat of coming law changes to reduce the available exclusions.
This program addresses the proper preparation of Form 709, the U.S. Federal Gift Tax Return that needs to be filed. It will provide an overview and update of the basic concepts and issues of gift taxation, give you a helpful review of recent developments affecting gifts, and describe what must be done to accurately complete Form 709 and prepare for possible law changes.
Publication Date: December 2022
Designed For
This course is essential for CPAs, enrolled agents, tax attorneys and other professionals who advise clients on tax, retirement and estate planning, and other wealth management matters.
Topics Covered
- What's new for Gift Tax reporting
- Transfers subject to the Gift Tax
- Transfers that are not subject to the Gift Tax
- Exclusions from the Gift Tax
- Gift-Splitting by spouses
- Available gift tax deductions
- Valuation of gifts
- Avoiding gift treatment by using disclaimers
- Statutes of limitations and the adequate disclosure rules
- Preparing Form 709
Learning Objectives
- Identify how to apply a practical, updated understanding of the gift tax
- Recognize the parts and schedules that make up the Form 709
- Recognized how to differentiate whether lifetime transfers are subject to gift tax
- Identify how to figure gift tax liability
- Describe the annual and lifetime gift tax exclusion amounts for 2022
- Recognize what would be exempt from gift tax
- Recognize true statements regarding the gift tax marital deduction
- Identify what is not one of the valuation discounts that may be applied to a determination of the value of family held businesses
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Steven G. Siegel
Steve Siegel is president of The Siegel Group, a Morristown, New Jersey-based national consulting firm specializing in tax consulting, estate planning and advising family business owners and entrepreneurs. He holds a B.S. from Georgetown University, a J.D. from Harvard Law School, and an LL.M. in Taxation from New York University.
Mr. Siegel is the author of several books, including the Grantor Trust Answer Book published by Wolters Kluwer, and is a nationally-recognized writer and speaker who has lectured extensively throughout the United States on tax, business and estate planning topics. Mr. Siegel has served as an adjunct professor of law at the University of Alabama Law School Graduate Tax Program and at Seton Hall and Rutgers University law schools.