Crucial Tax Topics 2021-2022 with Art Werner - The Preparation of Form 706 and 709 – Understanding the Law

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Tax compliance issues in estate and gift taxation are sometimes confusing to practitioners because many lack experiences in this area. This course, the first part of a 2-part series (6 CPE hours in total), provides the practitioner with a practical understanding of Federal estate and gift tax law. Emphasis will be given on the various of the Internal Revenue Code Sections that deal with this topic (income taxation of estates and trusts).    Mastering these sections of the Internal Revenue Code areas will allow the practitioner to start their understanding of tax compliance in preparing Federal Forms 706 and 709.

**Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to leighanne.conroy@acpen.com.

Basic Course Information

Learning Objectives

• To provide an overview and guide to understanding Federal Estate and Gift Taxation so that a practitioner will able to successfully prepare Internal Revenue Service Forms 706 and 709.

Major Subjects

• Understanding the basics of Estate and Gift Taxation
• Understanding valuation of assets
• Understanding what constitutes the “Gross Estate”
• Understanding the various deductions (funeral and administrative expenses)
• Understanding debts
• Understanding the charitable deduction
• Understanding the marital deduction
• Understanding the calculation and the various tax credits