Preparing Form 706: The Federal Estate Tax Return | 4171360F

Instructors

Date :
December 18, 2017 8:30 AM - 4:00 PM
Location :
San Francisco Peninsula
Facility :
CalCPA Conference Room C - Burlingame
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Level of Difficulty :
Basic
Member Price :
275.00
Nonmember Price :
375.00
CPE Credits :
CPE 8.00, MCLE 6.50, IRS-TX 8.00, CFP 8.00, CTEC-TX 8.00, MCLE LS-EP 6.50
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FLASH FOR THE DECEMBER 18 PRESENTATION: In this live webcast event, Mr. Schiller will address the recent proposal to amend and later repeal the federal estate tax and discuss implications for near-term portability election relief under Rev. Proc. 2017-34 and considerations for planning with your clients before January 2, 2018. 
 
In this revised course, review the basics of preparing a federal estate tax return (Form 706) and making the portability election for the estate of the deceased spouse. Learn about the portability of the deceased spousal unused exclusion amount, which is a fast-growing compliance opportunity for your clients; how the portability election can provide significant estate tax insurance for the surviving spouse and income tax insurance for beneficiaries; and how to complete each of the schedules, make available elections, discuss the changes arising from the 2012 Tax Act and review the most recent edition of Form 706. Also, review the new income tax basis consistency reporting rules with the preparation of Form 706. Note: A companion course, Advanced Issues: The Art of the Estate Tax Return, presents in-depth discussion of issues, tax-saving strategies and planning alternatives with Form 706 using the instructor's book, Art of the Estate Tax Return (2nd ed.), Bloomberg BNA Books.

Objectives:

  • Determine how to prepare each schedule to the estate tax return (Form 706).
  • Identify how to present returns to minimize audit risks.
  • Recognize protective and perfected refund claims with estate tax.
  • Determine portability elections to benefit from the deceased spousal unused exclusion amount (DSUEA).
  • Identify and discuss rules to deduct expenses and liabilities, including protective refund claims (and Schedule PC) and extra demands, as well as calendaring needed for your office.

Major Subjects:

  • Filing requirements, new forms and IRS return review procedures.
  • Estate tax return terminology.
  • Action steps upon receipt of the engagement to prepare Form 706.
  • When to use or eschew simplified reporting while making DSUEA elections.
  • Basis consistency rules and integration with the Form 706.
  • QTIP elections with otherwise bypass/credit-shelter trusts.
  • Practice forms to attach to the estate tax return.
  • Marital deduction elections.
  • Practice tips for penalty avoidance.
  • Reporting elections: Sec. 6166, QTIP, reverse QTIP, QDOT, alternate value and Sec. 2032A.

Advanced Prep:

None

Misc. Information:

The lunch period for this event will be 30 minutes and a box lunch is included in your registration fee. Class will adjourn at 4 p.m. unless otherwise specified.
Level of Difficulty:
Basic
Field of Interest:
Taxes
Prerequisites:
None
Designed For:
Attorneys, CPAs and tax practitioners who wish to understand Form 706 return preparation basics.

Instructors

Keith Schiller, Esq.

Keith Schiller, Esq., of the Schiller Law Group, a PLC, of Alamo, California, has greater than 42 years of experience with taxation, tax compliance, and estate and business succession planning. Schiller works with clients and consults with estate planning, trust administration, estate tax, gift tax and GST tax compliance (review of returns, audits, appeals and Tax Court), and with tax practitioners throughout California.

Schiller is the author of the award-winning reference book, Art of the Estate Tax Return — Estate Planning At The Movies, now in its second edition and published by Bloomberg BNA. The book reveals Schiller’s best practice pointers, his insights from co-teaching with the IRS for 17 years, and practical recommendations from over 25 leading practitioners across the country who contributed to the book. Schiller has taught estate tax return and audit practice with IRS estate tax attorneys, group managers, and appeals officers since 1996.

Schiller is a member of the advisory board for Bloomberg, BNA’s Estates, Gifts and Trusts Journal and a member of the consulting board for the Leimberg Information Services, Inc. newsletter. He has taught over 15 courses for the CalCPA Education Foundation and received the 2000 and 2010-2011 awards for Outstanding Course Materials. Schiller is a certified specialist in taxation law and estate planning, probate, and trust law by the State Bar of California. He received a juris doctor degree from U.C. Berkeley (Boalt Hall) in 1974, master of business administration (taxation) from Golden Gate University in 1980, and a bachelor’s degree from UCLA in 1971, where he served as undergraduate student body president.

From another passion, Schiller chaired the Yosemite License Plate Campaign, during which he lobbied passage for the law approving the Yosemite license plate and directed the state-wide marketing and sales campaign. The Yosemite license plate has raised in excess of $38 million for the preservation of Yosemite and California conservation.

Materials:

  • Materials - eBook