Identifying and Repairing Form 709 Gift Tax and GST Return Reporting Errors

Filing Corrective Returns, Reporting Prior Years' Unreported Gifts, Fixing GST Allocations and More

Recording of a 110-minute CPE webinar with Q&A


Conducted on Monday, May 15, 2017

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will provide tax advisers and compliance professionals with a thorough and practical guide to identifying and remedying gift tax reporting errors on IRS Form 709. The panel will discuss both common and complex gift tax mistakes, including incorrect reporting of gift splitting and incorrect GST allocations, and will detail amended and subsequent year filings.

Description

Tax advisers and estate planners frequently encounter situations where a client has made a reportable gift but has failed to file an accurate Form 709 Gift Tax Return. In some scenarios, gift tax return errors have critical and far-reaching effects for the taxpayer. Tax advisers must identify and fix the most common gift reporting errors.

The most common error in gift tax reporting involves taxpayers making reportable gifts but failing to file a Form 709 to disclose the transaction. In most cases, taxpayers are not aware of the requirement to file, particularly if the gift is to a spouse but subject to reporting requirements, such as a gift of a terminable interest or a future interest.

Additional and more complex issues arise when a taxpayer has made a “split gift” that fails to account for the spouse’s share of the gift tax exemption, or where the originally filed Form 709 has incorrectly allocated the generation skipping tax exemption. Additionally, powers of appointment commonly found in estate and trust documents can present complicated gift tax reporting issues, depending on how those powers are structured and/or exercised.

Tax advisers and estate planners must be able to identify errors in previous gift tax reporting and advise clients on remedying prior years gift tax reporting errors to avoid tax issues in subsequent years.

Listen as our experienced panel provides a thorough and practical guide to identifying and remedying gift tax reporting errors, including correcting GST exemptions and amending Form 709.

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Outline

  1. What transactions must be reported on a Form 709 Gift Tax Return
  2. Identifying circumstances where taxpayers failed to file a required Gift Tax Return
  3. Fixing incorrectly reported split gifts
  4. Repairing incorrect GST exemption allocations on Gift Tax and GST Returns
  5. Reporting powers of appointment on Form 709

Benefits

The panel will discuss these and other important topics:

  • Identifying circumstances where a client failed to file a required Form 709 Gift Tax Return
  • Failure to accurately account for a “split gift”
  • Errors in GST exemption allocation
  • Impact of powers of appointment on gift tax returns

Faculty

Altman, Gary
Gary D. Altman

Principal and Founder
Altman & Assoc.

Mr. Altman's practice focuses on estate planning. He is a nationally recognized estate, legacy and business...  |  Read More

Christiana M. Lazo
Christiana M. Lazo

Counsel
Ropes & Gray

Ms. Lazo’s practice consists of representing ultra-high net worth individuals, their family offices, and closely...  |  Read More

Tippett , Scott
Scott K. Tippett

Atty
The Tippett Law Firm

Mr. Tippett's practice focuses on wealth law, as a comprehensive and integrated approach to domestic and...  |  Read More

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$147