The Preparation of Form 709 - Line-by-Line

Overview

Gift taxation is a critical component of estate planning, and Form 709 serves as the key reporting tool. This course provides a comprehensive line-by-line guide to preparing Form 709, ensuring accuracy and compliance. Participants will learn how to determine taxable gifts, apply exclusions, and utilize available deductions. Special attention will be given to valuation techniques, gift-splitting, and generation-skipping transfer tax (GSTT) considerations. Additionally, this course will examine any new legislative changes from the current administration and how they may impact gift tax planning and reporting.

*Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com

Objectives

• Identify taxable gifts and apply the annual exclusion.
• Complete Form 709 accurately and in compliance with IRS rules.
• Determine when gift-splitting is beneficial and how to report it.
• Analyze the implications of lifetime exemptions on gift taxation.
• Understand the impact of GSTT and how to report it.
• Review valuation methods for different types of gifts.
• Explain the filing and payment deadlines for Form 709.
• Address common errors and IRS scrutiny points.
• Evaluate how recent legislation affects gift tax compliance and planning.

 

Highlights

• Gift tax fundamentals and exclusions
• Completing Form 709 accurately
• Gift-splitting and its tax implications
• Lifetime exemption and GSTT considerations
• Valuation of gifted assets
• Common filing mistakes and IRS audits
• Updates on new legislation impacting gift taxation