Form 709:
Simple and Easy?

Preparing gift tax returns (Form 709s) certainly seems relatively simple, especially when compared to 1040 or 1041 income tax returns.

But watch out!

There are lots of traps for the unwary.  And if you fall into any of them, you’ll face a lot of liability risk - - not so much because of a gift tax audit in the next couple of years - - but rather when the client dies many years from now and a mountain of penalties and interest may have accrued (or tens or hundreds of thousands more in estate taxes may be owed)!

Whether it’s the first time you’re completing a Form 709 or you’re an experienced preparer, you’ll want to avoid the unseen traps by joining us and nationally renowned CPA and tax expert, Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA, for an updated (2019), straightforward, line-by-line examination of the 709, entitled “Properly Preparing the Form 709 (Gift Tax Return)”.

On these two 90-minute presentations, Bob will address in-depth, such key issues as:

• When should clients file returns but don’t? (You may be missing revenue you should be earning!)

• When should you claim annual exclusions for gifts into trusts and file Crummey notices?

• How do you report the use of a deceased spouse’s portable exemption amount (“DSUEA”)?

• What should you (or shouldn’t you) be disclosing on the return?

• • What constitutes “adequate disclosure” so you can “toll” the statute of limitations?

• • Should Installment Sales, Loans and Private Annuities be reported? How?

• • How do you report split-interest gifts like GRATs, QPRTs, and CRTs?

• • What about front-loaded 529 plans?

• What backup should you provide for valuations and valuation discounts?

• What should you do about a whole range of GST (generation skipping tax) issues?

• Who are “Skip persons” versus “non-skip persons”?

• What are “Direct skips” versus “indirect skips”?

• Annual GST exclusion and lifetime GST exemption amount

• Automatic allocation rules

• When do you allocate the lifetime GST exemption amount to “indirect skips”?

• How does late allocation of the lifetime GST exemption amount work?

• Calculation of the “inclusion ratio”

• Splitting trusts into GST and non-GST shares via “qualified severance”

• And much, much more!

This is a great opportunity to not only upgrade your own skills, but for you to quickly and easily train your staff (who you may want to sit in on the call!).

Your purchase includes: Downloadable PDF handout materials and MP3 audio recording.  A PDF transcript to your purchase during the checkout process for an additional fee.