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Form 709:
Simple and 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 CPA and tax expert, Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA, for an updated (2020), straightforward, line-by-line examination of the 709, two-part presentation entitled “Properly Preparing the Form 709 (Gift Tax Return)”.

On these two 90-minute programs, 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 (who you may want to sit in on the call!).

Your purchase includes: Downloadable PDF handout materials and MP3 audio recordings. A PDF transcript may be added on for an additional fee during the checkout process.

  • Program Title: Properly Preparing the Form 709 (Gift Tax Return) — 2020 Update
  • Speaker:
  • Duration: 90 minutes

Purchase

Includes: Immediately download of PDF handout materials and MP3 audio recordings.

SKU RSK020620ODP

ABOUT THE SPEAKER

Robert S. Keebler

CPA/PFS, MST, AEP (Distinguished), CGMA
Robert S. Keebler

Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA is a partner with Keebler & Associates, LLP and is a 2007 recipient of the prestigious Accredited Estate Planners (Distinguished) award from the National Association of Estate Planning Counsels. He has been named by CPA Magazine as one of the Top 100 Most Influential Practitioners in the United States and one of the Top 40 Tax Advisors to Know During a Recession. Mr. Keebler is the past Editor-in-Chief of CCH’s magazine, Journal of Retirement Planning, and a member of CCH’s Financial and Estate Planning Advisory Board. His practice includes family wealth transfer…

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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