p Preparing Form 706: The Federal Estate Tax Return

Preparing Form 706: The Federal Estate Tax Return


July 12, 2022


Steven Siegel

  1:00 PM ET | 12:00 PM CT | 10:00 AM PT | 240 Minutes

* Not able to attend the live session? We can arrange an on-demand session for You. Please call 1-814-892-0304


This course addresses the preparation of IRS Form 706, the U.S. Federal Estate Tax Return. This form is a complicated return to prepare, running more than 25 pages with more than 15 schedules.

Returns for 2022 must take into account additional wrinkles and complexities that must be mastered based on the Tax Cuts and Jobs Act of 2017 as well as recent changes in tax law. Most critically for your practice, you should be prepared to properly explain portability and document those conversations and resultant client decisions to avoid potential future problems when clients choose not to file a Form 706. Filing a 706 may be necessary even with the higher exemption from tax on estates under recent tax legislation, and the threat of future reductions in the exemption amount.

The IRS has issued new proposed regulations that suggest that the anti-claw back rule of the 2019 Regulations may be limited.

Learning Objectives:

  • Recognize the basic concepts and issues of estate taxation
  • Describe the practical implications of key estate tax changes and the impact on filing estate tax returns for 2022
  • Describe the parts and schedules that make up the Form 706
  • Identify how to determine estate tax liability
  • Recognize the only action required to elect portability
  • Differentiate the different schedules and how they apply to client scenarios

Topics Covered in this Session:

  • Ascertaining whether a Federal Estate Tax Return may be required and other Post-Mortem tax planning
  • Dealing with Form 706 and the preliminary decisions to be considered early during administration
  • Filling out asset Schedules A through I of Form 706 Schedule A—Real Estate
  • Special use valuation election: Section 2032A
  • Schedule B: Stocks and Bonds
  • Schedule C: Mortgages, Notes and Cash
  • Valuation: Discounting Mortgages and Notes
  • Schedule D: Insurance on the Decedent's Life
  • Schedule E: Jointly Owned Property
  • All other joint interests
  • Schedule F: Other Miscellaneous Property
  • Schedule G: Transfers During Decedent's Life
  • Schedule H: Powers of Appointment
  • Schedule I: Annuities
  • Use of the alternate valuation date
  • Completing Deduction Schedules J through U
  • Schedule J: Funeral Expenses and Expenses Incurred in Administering Property Subject to Claims
  • Schedule K: Debts of the Decedent, and Mortgages and Liens
  • Schedule L
  • Expenses incurred in administering property not subject to claims
  • Schedule M: Bequests, etc. to the Surviving Spouse
  • Schedule O: Charitable, Public and Similar Gifts and Bequests
  • Schedule P: Credit for Foreign Death Taxes
  • Schedule Q: Credit for Estate Tax Paid on Prior Transfers
  • Schedule R: Generation-Skipping Transfer Tax
  • Schedule U: Qualified Conservation Easement Exclusion
  • Completing the Return: Pages 1 through 3

Who Will Benefit:

  • Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Tax Attorneys
  • Financial Planners
  • Other Tax Preparers

Credits and Other information:

Recommended CPE credit – 4.0 Tax Hours

Recommended field of study – Tax

Session Prerequisites and preparation: None

Session learning level: Basic to Intermediate

Location: Virtual/Online

Delivery method: Group Internet Based

NASBA Sponsor: 138804


Attendance Requirement:  Yes

Session Duration: 4 Hours

Case Studies and Live Q&A session with speaker

PowerPoint presentation for reference

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