Form 706 Preparation: Overview Including Portability 2024

Learn How to Prepare the Federal Estate Tax Return, Form 706

The course provides a solid foundational base for tax professionals, CPAs and their support staff in the preparation of the federal estate tax return (Form 706). As a result of the increase in the estate tax exemption allowance, practitioners have fewer opportunities to prepare the Form 706 than decades ago when the tax-free allowance was substantially less.

At the same time, the estate tax return has become more complex with additional elections, challenges and opportunities. Course materials include each schedule and page of the Form 706. Special focus will be given to introduce practitioners to Form 706, review a sample return on the death of the first spouse and a return making a portability election for the estate of the deceased spouse. A review of the basics in preparing Form 706, and making the portability election for the estate of the deceased spouse. Master the portability of the deceased spousal unused exclusion amount, which is a fast-growing compliance opportunity for clients.

Session Highlights:

• Action steps in 706 preparation engagement
• Filing requirements, new forms, IRS return review procedures, closing letters
• Action steps upon receipt of the engagement to prepare Form 706
• Obtaining transcripts of the decedent's gift tax reporting history
• New procedures with closing letters

Credits & Other Info:

• Session Duration: 240 Minutes
• Session Prerequisites and preparation: None
• Session learning level: Basic to Intermediate
• NASBA and IRS Credits : 4 Tax Hours