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. Form 706 Series: Form 706 Preparation Part 1: Overview Including Portability Form 706 Preparation Part 2: Reporting Assets Form 706 Preparation Part 3: Reporting Deductions ?Form 706 Preparation Part 4: GST Schedule R, Form 8971, Payments & Credits
Learning 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
Major Topics
- 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
