Description
Stay uptodate on when and how to file Form 706, and learn how to reduce future transfer taxes for your clients.While the federal estate tax exclusion is currently high (over 12M), it is scheduled to decrease on January 1, 2026. Many estates are still required to file an IRS Form 706 (either because it is a taxable estate or it is a first death and you want to preserve portability for the surviving spouse), and many more will be required to file beginning in 2026. There are many pitfalls that even the most skilled and experienced practitioner falls into and common mistakes that befall us all. This presentation will help practitioners who prepare and file IRS Form 706s understand and recognize such common pitfalls and mistakes in order to submit an accurate IRS 706. We will review a simplified 706 and a full 706 to discuss the differences and which form is better suited for your client.
Date: 2022-10-26 Start Time: End Time:
Learning Objectives
Reasons to File IRS United States Estate (and Generation-Skipping Transfer) Tax Return Form 706
• Required to File
• File to Run Statute of Limitations
• File to Elect Portability
General Information
• Pitfalls to Watch Out For
• Simplified vs. Regular Form
• Attachments/Supporting Documents
• Use of Explanation and Descriptive Paragraphs
Deadines
• 9 Months (Extension With an Estimated Payment) (Form 4768)
• 15 Months Filing (If Extension Was Timely Filed)
• Rev. Proc. 2022-32, IRB 2022-30 IRB • Late Filing of 706 for Portability Purposes Only (Five Years)
Portability
• 706 Just to Elect Portability
• Reasons to Elect Portability
Acceptance of 706 vs. Audit/Review
• Estate Tax Closing Letter Available Only Upon Request • No Longer Automatic
• Obtaining Transcripts • Online Through the Transcript Delivery Service (Need an Account With the IRS); At Least Six Months From Submission
• How to Reduce Audit Risk
• How to Respond to Audit
CLE (Please check the Detailed Credit Information page for states that have already been approved) ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Mark R. Shepherd-Crist Biorn Shepherd Roskoph, Kristin R. Wu – Crist Biorn Shepherd Roskoph
