Form 706 Preparation Part 1: Overview Including Portability 26-27
2.00 Credits
Member Price $99
Non-Member Price $129
Overview
This section of the four-part series will cover basic Form 706 preparation and help participants develop a solid foundation in preparing the federal estate tax return. It will also cover running the engagement, administration issues and completing pages 1-4 of the form, including the portability election. For example, worksheets and practice resources will be provided. Form 706 Series: Part 1: Overview Including Portability Part 2: Reporting Assets Part 3: Reporting Deductions Part 4: GST Schedule R, Form 8971, Payments & Credits
Highlights
• Action steps in 706 preparation engagement • Filing requirements, new forms, IRS return review procedures, closing letters • Obtaining transcripts and previously filed returns • Completing introductory pages 1—4 • Worksheets provided: Summary of Estate Plan • Summary of Estate and Subtrust Funding; Beneficiary Allocation Schedule
Prerequisites
Basic knowledge of trust and estate planning terminology.
Designed For
CPAs, attorneys, bankers, enrolled agents and professional staff.
Objectives
• Determine how to prepare pages 1—4 of the Form 706 • Recognize the benefits of the team approach with the client’s advisors to reduce risk • Identify how to present returns to minimize audit risk
Preparation
None
Leader(s):
Leader Bios
Donita Joseph, CalCPA Education Foundation
Donita M. Joseph, CPA, MBT has more than 30 years of experience in taxation issues involving estate and trust tax planning and is responsible for the firm’s Estate & Trust practice. As a partner in the firm’s Tax & Accounting Services department, she also services the needs of privately held companies and individuals. Donita’s expertise includes preparation of estate tax, gift tax, and fiduciary income tax returns, estate planning, post mortem planning, charitable trust planning and compliance, trust and estate administration, trust and estate accounting, and income tax planning for individuals.
Non-Member Price $129
Member Price $99