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The estate return (706) is often the most important tax return you will ever file for your clients. The dollars involved often dwarf other returns and the IRS audit rate of these returns is ten fold that of other returns. Learn key tips on what to do and what not to do when you prepare the 706.
In this class, detailed comprehensive 706 work cases are included in the material. Completed 706 forms with supporting schedules and attachments are provided and covered in the class. Topics include how to prepare both the first death 706 and the second death 706. Comprehensive completed 706 returns under multiple scenarios including the "B Trust" format as well as 706 filings with and without a QTIP "C Trust" format are reviewed. There will be limited coverage of final decedent 1040 issues, the important ones relative to death, and basis step-up/title issues.
Learn about the marital deduction, the QTIP election and other key first spouse death considerations. The first death 706 return is usually a tax-free return. Learn common mistakes, which force a first death tax liability and how to avoid these mistakes. On big estates, learn how paying tax at the first death can create massive savings to the overall estate.
The California probate code (local law) governs the estate tax administration process for California trusts and wills. Understand key elements of this law impacting the 706, such as determining who or what trust has to pay the estate tax. See how the typical trust can result in unintended disinheritance of beneficiaries.
The seminar will provide extensive coverage of estate tax deductions including accrued expenses, administration expenses and carrying cost.
The topics covered are a major hotbed of liability for tax practitioners, learn about your exposure and what to avoid.
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Financial Education Resources is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State Boards of Accountancy have final authority on the acceptance of individual courses of CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Ave. North, Ste. 700, Nashville, TN 37219-2417 or by visiting the website