Preparing Gift Tax Returns

Is a Simple, Low-Risk

— Right?

At this time of year, lots of practitioners are sitting down to bang out Form 709’s for clients and will probably do so quickly and easily, without giving them much thought. “But therein lies the rub!” There are lots of traps for the unwary, if you fall into them - - plus a lot of liability risk, maybe not because of an audit in the next couple of years, but rather when the client dies years from now and a mountain of penalties and interest may have accrued (or more estate tax may be incurred)! Join us and nationally renowned CPA, estate planning attorney and tax expert, Martin Shenkman, for a straight-forward practical discussion of what every gift tax return preparer needs to know, including:

  • When should clients file returns but don’t? (You may be missing revenue you should be earning!)
  • When should you claim annual exclusions for gifts into trusts and file Crummey notices?
  • How does estate tax uncertainty affect gift tax returns?
  • What should (or should you not) be disclosing on the return (what do the “adequate disclosure” rules really mean)?
  • Should you use the GST (generation skipping tax) exemption? Rely on automatic allocation of it? Or opt out and allocate it yourself?
  • Are you aware of the charitable contribution reporting trap?
  •  How do you report front-loaded 529 plans?

And much more!

  • Program Title: Gift Tax Returns: Traps and Tips for Practitioners Heading Into Filing Season
  • Speaker:
  • Duration: 90 minutes

Martin M. Shenkman

J.D., CPA, MBA
Martin M. Shenkman

Martin “Marty” Shenkman, Esq., CPA, MBA is an estate planning attorney and Certified Public Accountant from Paramus, New Jersey. He received his Bachelor of Science degree from Wharton School, University of Pennsylvania 1977 with a concentration in accounting and economics. He received a Masters degree in Business Administration from the University of Michigan 1981, with a concentration in tax and finance.
Mr. Shenkman is a widely quoted expert on tax matters and is a regular source for numerous financial and business publications, including The Wall Street Journal, Fortune, Money, The New York Times, and others. He has appeared as a tax expert on numerous television and cable television shows including The Today Show, CNN, NBC Evening News, CNBC, MSNBC, CNN-FN and others. He is a frequent guest on radio talk shows throughout the country and has a regular weekly radio show on Money Matters Financial Network.

Mr. Shenkman is a prolific author, having published thirty-four books and more than seven hundred articles. Mr. Shenkman has served as contributing editor to a host of publications, including: New Jersey Lawyer, The Journal of Real Estate Finance, Real Estate Insight, Commercial Leasing Law & Strategy, The Journal of Accountancy, Real Estate Accounting and Taxation, Shopping Centers Today, and others.

Mr Shenkman is active in numerous charitable organizations, sitting on many boards and planned giving committees and lectures regularly for these and other organizations.

IMPORTANT NOTICE REGARDING CE CREDIT

The Ultimate Estate Planner, Inc. and the presenter are not registered Continuing Education Sponsors and this program is not pre-approved for continuing education credit for any state or regulatory agency.

However, please note that each program includes a Certificate of Completion and, depending on the license and the regulatory agency for which governs a participant’s CE credit, some professionals may be able to self-report his or her participation and receive credit. It is the responsibility of the participant to complete any process necessary to seek self-reported CE credit for his or her participation. By registering for a teleconference (or purchasing on On-Demand program), you understand that CE credit is not guaranteed or warranted by the presenter or The Ultimate Estate Planner, Inc.

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