This section of the four-part series will cover basic Form 706 preparation and help participants develop a solid foundation in preparing the federal estate tax return. It will also cover running the engagement, administration issues and completing pages 1-4 of the form, including the portability election. For example, worksheets and practice resources will be provided. Form 706 Series: Part 1: Overview Including Portability Part 2: Reporting Assets Part 3: Reporting Deductions 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
