Description

This course provides comprehensive instruction on preparing IRS Form 706, the U.S. Federal Estate Tax Return. Given the complexity of this form, which spans over 25 pages and includes more than 15 schedules, it is crucial to understand the nuances introduced by the Tax Cuts and Jobs Act of 2017 and recent tax law updates.

Key topics include:

• Determining the Need for Form 706: Understand when it’s necessary to file a Federal Estate Tax Return, and explore post-mortem tax planning strategies
• Navigating Form 706: Learn about the preliminary decisions required during estate administration and how to approach filling out the form
• Completing Asset Schedules: Detailed guidance on filling out Schedules A through I, covering real estate, stocks and bonds, mortgages, insurance, jointly owned property, and more
• Understanding Valuation: Techniques for discounting mortgages and notes, and applying the alternate valuation date
• Filling Out Deduction Schedules: Instructions for Schedules J through U
• Completing the Return: Tips for filling out the initial pages of Form 706

Learning Objectives

By the end of this course, you will be able to:

• Understand Estate Tax Basics: Grasp fundamental concepts and issues related to estate taxation
• Apply Recent Tax Changes: Analyze how recent tax law updates affect the preparation of estate tax returns for 2024
• Navigate Form 706: Identify and complete the various parts and schedules of Form 706
• Determine Estate Tax Liability: Calculate the estate tax liability and understand the implications of filing Form 706
• Handle Portability: Recognize the steps required to elect portability and document client decisions appropriately
• Differentiate Schedules: Understand the distinct schedules on Form 706 and their application to different client scenarios

Who should Attend

• Tax preparers
• CPAs & Accountants 
• Financial Planners
  • Consultants 

  Personal Advisors