Form 706 Preparation Part 1: Overview Including Portability 2024

Overview

This section of the 4-part series will cover basic form preparation of Form 706 and help participants develop a solid foundation in preparing the federal estate tax return. This section will cover running the engagement, administration issues and completion of pages 1-4 of the form, including portability election. For examples, worksheets and practice resources will be provided.

Highlights

• Action steps in 706 preparation engagement
• Filing requirements, new forms, IRS return review procedures, closing letters
• Obtaining transcripts and previously filed returns
• Completing introductory pages 1-4
• Worksheets provided: Summary of Estate Plan
• Summary of Estate and Subtrust Funding; Beneficiary Allocation Schedule

Prerequisites

Basic knowledge of trust and estate planning terminology.

Designed For

CPAs, attorneys, bankers, enrolled agents and professional staff.

Objectives

• Determine how to prepare pages 1-4 of the Form 706
• Recognize the benefits of the team approach with the client's advisors to reduce risk
• Identify how to present returns to minimize audit risk

Preparation

None

Notice

This course is offered by a 3rd party vendor. Login instructions will not be accessible in the My CPE Tracker section of the ISCPA website. Login instructions will be emailed directly to you by California Education Foundation (CalCPA).