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


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.

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

Learning Objectives

After completing this course, you will be able to:

  • Identify situations where a taxpayer was required to file a Gift Tax Return but failed to do so
  • Discern an adviser or estate planner’s duty to file an amended or remedial Gift Tax Return
  • Recognize when a Gift Tax Return error requires filing of a Generation-Skipping Tax Return
  • Determine when a gift-splitting error must be reported on an amended Form 709 Return

Faculty

Gary D. Altman, Principal and Founder
Altman & Assoc., Rockville, Md.

Mr. Altman's practice focuses on estate planning. He is a nationally recognized estate, legacy and business planning authority. He is recognized by Washingtonian magazine as among the DC region’s “Best Estate Planners”. He has also been repeatedly honored as a “Top 100 Attorney” by Worth magazine and likewise recognized as a Maryland and Washington, DC “Super Lawyer”.

Christiana M. Lazo, Counsel
Ropes & Gray, New York

Ms. Lazo’s practice consists of representing ultra-high net worth individuals, their family offices, and closely held businesses in developing and implementing sophisticated domestic and international tax and estate plans. She has significant experience counseling global clients on inbound and outbound planning, particularly advising families with members in multiple jurisdictions on wealth transfers and on tax-efficient investment and business ownership structures.

Scott K. Tippett, Atty
The Tippett Law Firm, Oak Ridge, N.C.

Mr. Tippett's practice focuses on wealth law, as a comprehensive and integrated approach to domestic and international estate planning, asset protection planning, business matters, and tax issues. He is the principal author of The North Carolina Wealth Law Counselor and The Wealth Lawyer, informative blogs dedicated to wealth law, estate planning, and asset protection planning issues.


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EA Credit

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