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
A live 110-minute CPE webinar with interactive Q&A
Monday, May 15, 2017
1:00pm-2:50pm EDT, 10:00am-11:50am PDT
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.
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.
- What transactions must be reported on a Form 709 Gift Tax Return
- Identifying circumstances where taxpayers failed to file a required Gift Tax Return
- Fixing incorrectly reported split gifts
- Repairing incorrect GST exemption allocations on Gift Tax and GST Returns
- Reporting powers of appointment on Form 709
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
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
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 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,
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.
Registration per Person for Live Event
Additional lines for this conference can be purchased at 25% off. For orders of five or more lines, further discounts will apply and will be automatically reflected in the cart.
Live Webinar $147.00
Live Webinar & CPE Processing $182.00
CPE per Person on Live Event
Continuing Professional Education credit processing is available for an additional fee. CPE processing must be ordered prior to the event. To qualify for CPE you may not listen via the telephone.
This program is eligible for 2.0 CPE credits.
- Field of Study: Taxes.
- Level of Knowledge: Intermediate.
- Advance Preparation: None.
- Teaching Method: Seminar/Lecture.
- Delivery Method: Group-Internet (via computer).
- Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of verification codes announced throughout the presentation.
- Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules, supervising other preparers/accountants. Specific knowledge and understanding of gift tax reporting requirements, specific knowledge of generation-skipping tax rules; familiarity with gift tax lifetime exclusions, familiarity with rules covering allocation of GST exemptions.
NOTE: CPE credit processing for all attendees must be ordered by 2pm Eastern the day of the program to receive a Certificate of Attendance within 24 hours.
Includes full event recording plus handouts (available after live webinar).
Note: Self-study CPE and EA credits are not offered on recorded events.
Recorded Webinar Download $147.00
Available 48 hours after the live event
Recorded Audio Download (MP3) $147.00
Available 24 hours after the live event
DVD (Slide Presentation with Audio) $147.00
plus $9.45 S&H
Available ten business days after the live event
Registration Plus Recorded Event
Live Webinar & Webinar Download $194.00
Recorded Webinar Download Only $47.00 with Registration/Webinar Combo
Live Webinar & Audio Download $194.00
Recorded Audio Download (MP3) Only $47.00 with Registration/MP3 Combo
Live Webinar & DVD $194.00 plus $9.45 S&H
DVD (Slide Presentation with Audio) Only $47.00 with Registration/DVD Combo
NASBA CPE Sponsor
Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
IRS Approved Provider
Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
Strafford is a NASBA CPE sponsor and our live webinars qualify for CPE credits. They offer you a high quality, cost effective, and convenient CPE option, with no lost travel time or expenses.
Strafford is an IRS approved continuing education provider and this course is approved for 2 enrolled agent (EA) credit hours.
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Rhonda G. Williams, CPA
Barraclough & Associates
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