The Form 706 (the federal estate and generation-skipping transfer tax form) has become a major source of liability claims against accountants, despite the fact that there are fewer estate tax returns being filed, or perhaps because of that fact. It may also be the most significant tax return that many practitioners will prepare. This 50-minute program will highlight key practice pointers, key practical alerts for avoiding problems, enhance your preparation practice steps, address practicalities with portability elections, reduce audit risks and help you to prepare a more effective return for your clients. This is a condensed highlight program taught by a nationally-known expert on Form 706 who has taught professionals since 1985, including teaching with IRS personnel since 1997.

Learning Objectives:

• Identify how to protect the portability election, including recognition of when the 706 must be timely filed, limited relief when the return is not required under IRC Sec. 6018(a), and permissible allowances for a private letter ruling relief.


• Review how to present the estate tax return to reduce the likelihood that the return will be selected for audit, and reduce audit risks.


• Develop routine practice procedures to determine adjusted taxable gifts, protect timely protective and actual refund claims


• Summarize tips that IRS personnel have requested the presenter make known to tax practitioners.


• Avoid overstating the marital deduction and how to correctly prepare Schedule M.


• Identify why the following is apt: "When a QTIP Trust is part of the play, extent the time to file and pay." This is but one of many practical insights our speaker will share and memorably explain.

NASBA Approved

CPAacademy.org (Sponsor Id#: 111889) 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 for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222

EA Approved

CPAacademy.org (Sponsor Id#: HURS9) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222