Simple & Easy?
Preparing gift tax returns (Form 709s) certainly seems relatively simple, especially when compared to 1040 or 1041 income tax returns.
But watch out!
There are lots of traps for the unwary. And if you fall into any of them, you’ll face a lot of liability risk - - not so much because of a gift tax audit in the next couple of years - - but rather when the client dies many years from now and a mountain of penalties and interest may have accrued (or tens or hundreds of thousands more in estate taxes may be owed)!
Whether it’s the first time you’re completing a Form 709 or you’re an experienced preparer, you’ll want to avoid the unseen traps by joining us and nationally renowned tax expert, Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA for a straightforward, line-by-line examination of the 709, entitled “Properly Preparing the Form 709 (Gift Tax Return)”. This two part-series will be held on Wednesday, March 29th and Thursday, March 30th, 2017 at 9am Pacific Time (12pm Eastern Time).
On these two 90-minute teleconferences, Bob will address in-depth, such key issues as:
- 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 do you report the use of a deceased spouse’s portable exemption amount (“DSUEA”)?
- What should you (or shouldn’t you) be disclosing on the return?
- What constitutes “adequate disclosure” so you can “toll” the statute of limitations?
- Should Installment Sales, Loans and Private Annuities be reported? How?
- How do you report split-interest gifts like GRATs, QPRTs, and CRTs?
- What about front-loaded 529 plans?
- What backup should you provide for valuations and valuation discounts?
- What should you do about a whole range of GST (generation skipping tax) issues?
- Who are “Skip persons” versus “non-skip persons”?
- What are “Direct skips” versus “indirect skips”?
- Annual GST exclusion and lifetime GST exemption amount
- Automatic allocation rules
- When do you allocate the lifetime GST exemption amount to “indirect skips”?
- How does late allocation of the lifetime GST exemption amount work?
- Calculation of the “inclusion ratio”
- Splitting trusts into GST and non-GST shares via “qualified severance”
- And much, much more!
This is a great opportunity to not only upgrade your own skills, but for you to quickly and easily train your staff!
If you or your staff, who will be preparing 709’s, don’t fully know and understand the key basics of lifetime gifting as an estate planning technique, you’ll just be robotically filling out forms - - and more likely to make errors. Plus, if you do learn the basics of gifting, you’ll be better able to advise your clients.
That’s why we are making available the exact same training that nationally renowned estate planning attorney, Phil Kavesh, gave to his law firm associates, side-by-side with them listening to Bob’s 2-part teleconference. This additional 90-minute recording (with downloadable PDF transcript) is both unique and invaluable, covering such crucial gift planning components as:
- The 6 biggest reasons gifts make sense
- The 5 situations where gifts don’t make sense!
- “Hidden” gifts to watch out for
- When a gift is considered “completed”
- The 5 different ways to make gifts
- The effect of recent laws on gifting (as well as the “old” overlooked 3 year and 1 year of death rules and “step transaction” rule)
- How gifting (and the 709) need to properly fit into the clients’ overall estate plan (and the 706)
- How to develop an internal gift planning checklist
- As well as further commentary on technical topics covered by Bob!
This unusual training upgrade, which is not available individually, may be secured by you for only an additional
$199 $100! With this upgrade, you’ll have a complete gift/709 training package! Once you add Bob’s 2-part series to your cart, you will have the option to add this incredibly valuable upgrade!