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
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax advisers and compliance professionals with a practical guide to identifying and remedying gift tax reporting errors on IRS Form 709. The panel will discuss common and complex gift tax mistakes, including incorrect reporting of gift splitting and incorrect GST allocations, as well as detail amended and subsequent year filings.
Outline
- What transactions must be reported on a Form 709 Gift Tax Return
- GST exemption allocations 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
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
Daniel Hatten
Partner
McDermott Will & Emery
Mr. Hatten focuses his practice on private client matters, advising clients on a range of estate and wealth planning... | Read More
Mr. Hatten focuses his practice on private client matters, advising clients on a range of estate and wealth planning transactions, including the preparation of estate planning documents, lifetime gifting, multigenerational planning, estate administration and fiduciary litigations.
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Vanessa L. Maczko
Partner
Wiggin and Dana
Ms. Maczko is a Partner in Wiggin and Dana’s Private Client Services Department in the Greenwich, CT office. She... | Read More
Ms. Maczko is a Partner in Wiggin and Dana’s Private Client Services Department in the Greenwich, CT office. She advises high net-worth individuals and families on multi-generational transfers of assets, such as closely-held business interests, marketable securities, art collections, real estate, tangible personal property and insurance policies. Ms. Macczko's practice focuses on estate, gift and generation-skipping transfer tax planning.
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Caroline Q. (Cary) Robbins
Partner
Proskauer Rose
Ms. Robbins is a partner in the Private Client Services Department. She provides sophisticated estate and tax planning... | Read More
Ms. Robbins is a partner in the Private Client Services Department. She provides sophisticated estate and tax planning advice to individuals and families, with an emphasis on the multigenerational transfer of wealth. Ms. Robbins works with clients from a variety of backgrounds, including real estate investors, entrepreneurs, business owners, private equity principals, and individuals with inherited wealth. She also routinely counsels clients on their charitable giving and assists clients with the formation and administration of private foundations to meet their charitable goals. Ms. Robbins has extensive experience advising individual and institutional fiduciaries in connection with the administration of complex trusts and estates. She also has experience representing fiduciaries in estate and trust litigation matters.
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