Properly Preparing Form 709

An Update for Completing 2023 Gift Tax Returns

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 nationally renowned CPA and tax expert, Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA, for a, straightforward, line-by-line examination of the 709, presentation entitled “How to Accurately Prepare the 709 Gift Tax Return: NEW Update for 2023”.

During this 86-minute presentation, Bob will address in-depth, such key issues as:

• The annual exclusion rules for gifts to trusts including required Crummey notices and § 2642(c) trusts

• QTIP elections on gift tax returns and the need for timely filing

• What should you disclosed for purposes of running the gift tax statute of limitations

• The reporting of family sales, installment sales to grantor trusts and SCIN sales

• Reporting GRATs, QPRTs and other split-interests

• Reviewing valuation reports

• Reporting valuation discounts for gifts of closely-held businesses and reporting requirements

• When to make disclosures on Forms 8275 and 8275R

• The utilization of Generation Skipping Transfer Tax exemption and the related automatic allocation rules

• Reporting gifts to 529 Plans

• Reporting the use of a deceased spouse’s unused exclusion exemption amount (DSUE)

• Understanding when gift splitting is allowed and how to report properly

• Adequate disclosure requirements and the statute of limitations

• How to allocate GST exemption on large formula gifts

• How to allocate GST exemption on ETIP gifts

• How to report defined valued clauses, overflow clauses and Wandry clauses

• Understanding gift splitting and the risks

• 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 (who you may want to also tune in!).

Your purchase includes an instantly downloadable video and audio recording and PDF handout materials.  You get all of this and more for your office for just $199. A PDF transcript is available as an add-on for an additional fee.