Form 706 Preparation Part 1: Overview Including Portability 2024

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.

Presenters - Donita M Joseph

Designed For: CPAs, attorneys, bankers, enrolled agents and professional staff.

Role Level - Entry-level/Individual contributor; Manager/Senior Manager; Director; Sole Practitioner

• 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

• 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

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