Federal Estate & Gift Tax Returns-Forms 706 & 709 Workshop [GIFT Anc]

Full Description

Federal Estate and Gift Tax Returns Forms 706 & 709 Workshop

June 21, 2012

Location:
Alaska Society of CPAs
341 West Tudor Rd. #105
Anchorage, AK 99503

$295 Member Fee
$445 Non Member Fee

The estate tax and generation-skipping transfer tax have returned, and the gift tax is again unified with the estate tax. Changes in the transfer tax under new law are mirrored in the compliance requirements. The purpose of this course is to learn how to prepare Forms 706 and 709 in these circumstances. This practical manual guides the CPA through the complex issues in completing these forms.

Major Topics:
Transfer tax reform: how enacted legislation affects estates of decedents dying in 2012 and gifts made in 2012
Gift tax return basics -- Form 709
Special gift circumstances - annual exclusion, gift-splitting, gifts to minors, and gifts for educational and medical benefits
Overview of estate tax concepts
Estate tax audit issues -- What triggers an audit and how to handle it
Trusts, wills, state laws, and how they affect Form 706
Form 706 preparation issues -- Determining includable property; determining deductions from the gross estate; credits against federal estate tax; calculating the federal estate tax
Elections you need to know: alternate valuation, special-use valuation, deferred payments
State death taxes: how they now affect the federal estate tax return
Filing Form 706: where and when to file, how much to pay, and how to claim a refund
Comprehensive case study with filled-in forms
Portability - understanding and applying the new feature
DSUEA - why Form 706 should be filed in smaller estates

Learning Objectives:
Complete an estate tax return (Form 706) and accompanying schedules
Identify elections on the estate tax as they relate to valuation and timing of payments
Complete a gift tax return (Form 709) and identify how the annual exclusion, gift-splitting, and certain transfers are properly scheduled
Who Will Benefit:
CPAs whose practice involves preparation of estate and gift tax returns. This is an excellent course to learn the nuts and bolts of this specialized area of practice
Level of Knowledge: Intermediate
Prerequisite: A basic course in estate planning
Advanced Preparation: None
CFP: Yes
Credits: 8
Field of Study: Taxes
Acronym: GIFT
Discussion Leader: Robert L. Miller, CPA, CFF, CFP, PFS
Robert Miller has practiced public accounting for over thirty years in the areas of taxation, accounting, business and individual planning, and litigation support. His experience has been with international, regional, and local firms. In 2000, Mr. Miller was certified by the Supreme Court of Florida as a family mediator. He has also served on the Unlicensed Practice of Law Committee for the Twelfth Judicial Circuit of Florida as a public member.
He taught evening classes at Manatee Community College in entry-level accounting and taxation, which led to numerous public speaking engagements for his firm, estate planning councils, brokerage houses, and others. He also has taught continuing education classes for the Florida Institute of CPAs, and several other State Societies of CPAs. He was awarded the FICPAs Outstanding Seminar Leader Award for two years.
Mr. Miller graduated from the University of South Florida with a BA in accounting. Also, in 2008 the American Institute of Certified Public Accountants began recognizing qualified CPAs as Certified in Financial Forensics (CFF). Previous experience and education qualified Bob and he was among the first CPAs to be granted the credentials.

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