The Preparation of Form 706 - Line-by-Line

Overview

Preparing Form 706 requires a detailed understanding of estate taxation, valuation rules, and compliance requirements. This course provides a step-by-step breakdown of Form 706, helping tax professionals accurately report estate taxes while ensuring compliance with IRS regulations. Participants will explore key components, including gross estate calculations, deductions, tax computation, and portability elections. With real-world examples and practical guidance, attendees will gain confidence in preparing Form 706, even in complex scenarios. This course will also cover any recent legislative changes introduced by the new administration and their impact on estate tax planning and compliance.

*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

Highlights

• Overview of Form 706 and estate tax fundamentals
• Gross estate valuation and inclusion rules
• Deductions, credits, and tax computation
• Portability election and its implications
• Filing deadlines and procedural requirements
• Common issues and IRS audit triggers
• Legislative changes affecting estate taxation

Prerequisites

None

Designed For

CPAs, EAs, and tax professionals

Objectives

• Identify the key sections of Form 706 and their purpose.
• Accurately report estate assets and deductions.
• Analyze the impact of portability elections on estate tax.
• Determine tax liability and apply relevant tax credits.
• Evaluate the requirements for filing and payment deadlines.
• Discuss estate valuation techniques and compliance issues.
• Address common errors and audit triggers in estate tax returns.
• Understand how Form 706 interacts with other tax filings.
• Assess how new legislation affects estate tax reporting and compliance.

Preparation

None