The Preparation of Form 709 - Line-by-Line
Overview
Gift taxation is a critical component of estate planning, and Form 709 serves as the key reporting tool. This course provides a comprehensive line-by-line guide to preparing Form 709, ensuring accuracy and compliance. Participants will learn how to determine taxable gifts, apply exclusions, and utilize available deductions. Special attention will be given to valuation techniques, gift-splitting, and generation-skipping transfer tax (GSTT) considerations. Additionally, this course will examine any new legislative changes from the current administration and how they may impact gift tax planning and reporting.
*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 kori.herrera@acpen.com
Delivery Method: Individual webcast
CPE Credit: Taxes
Program Level: Basic
Highlights
- Gift tax fundamentals and exclusions
- Completing Form 709 accurately
- Gift-splitting and its tax implications
- Lifetime exemption and GSTT considerations
- Valuation of gifted assets
- Common filing mistakes and IRS audits
- Updates on new legislation impacting gift taxation
Prerequisites
None
Designed For
CPAs, EAs, and tax professionals
Objectives
- Identify taxable gifts and apply the annual exclusion.
- Complete Form 709 accurately and in compliance with IRS rules.
- Determine when gift-splitting is beneficial and how to report it.
- Analyze the implications of lifetime exemptions on gift taxation.
- Understand the impact of GSTT and how to report it.
- Review valuation methods for different types of gifts.
- Explain the filing and payment deadlines for Form 709.
- Address common errors and IRS scrutiny points.
- Evaluate how recent legislation affects gift tax compliance and planning.
Preparation
None
Leader(s):
Leader Bios
Arthur Werner, Werner-Rocca Seminars, LTD
Art Werner is currently a shareholder in and is the President of the lecture firm Werner - Rocca Seminars, Ltd. Mr. Werner’s areas of expertise include business, tax, financial, and estate planning for high net worth individuals.
In addition, Mr. Werner is an adjunct professor of taxation in the Master of Science in Taxation program at the Philadelphia University located in Philadelphia, Pennsylvania.
Mr. Werner received his B.S. in Accounting and his M.S. in Taxation from Widener University. He holds a J.D. in Law from the Delaware Law School.
Mr. Werner lectures extensively in the areas of Estate Planning, Financial Planning, and Estate and Gift Taxation to Certified Public Accountants, Enrolled Agents, Insurance Agents, and Financial Planners, and has presented well in excess of 2,000 eight-hour seminars over the past 20 years. Over the past 20 years, Mr. Werner was rated as having the highest speaker knowledge in his home state of Pennsylvania by the Pennsylvania Institute of Certified Public Accountants, was awarded the AICPA Outstanding Discussion Leader Award in the State of Nevada, the Florida Institute of CPAs Outstanding Discussion Leader Award, and the South Carolina Association of CPAs Outstanding Discussion Leader Award.
Non-Member Price $109.00
Member Price $79.00