Preparing a Gift Tax Return Using Form 709 (FRM7)

Customer Rating
Field of Study
Taxes
Level
Basic
Credits
2
Qualifies For
IRS CPE



Price:  $ 19.99

This course will enable practitioners to understand the basic practical issues of preparing the gift tax Form 709. This course covers the disclosure requirements and the information necessary to properly prepare the form.

Additional information

year

2021, 2022

version

01

Credits

2

Company Code

Self Study

Format

On Demand

Yellow Book Approved

0

CFP Approved

0

IRS Approved

1

CTEC Approved

0

Field of Study Credits

Taxes (2)

Field of Study Department

Taxes

Course Version

2022-01

CPE Approved

1

Pre-requistes:

None

Knowledge Level:

Basic

Major Topics:

  • What gifts are excluded from gift tax reporting
  • The annual exclusion, what qualifies and how is it calculated
  • Form 709: gift tax reporting; the effect of the lifetime exclusion
  • Present interest versus future interest
  • When are consenting spouses not required to file Form 709
  • Adequate disclosure requirements and the statute of limitations
  • The inclusion of up-to-date revised forms and references  
  • Proper gift tax reporting of front-end loaded §529 qualified tuition plans
  • Calculation of additional credit for decedent spouses unused exemption (DSUE)

Learning Objectives:

  • Understanding the differing types of gifts, the limits, and information required on Form 709
  • Introduction to the proper preparation of Form 709

Designed For:

CPAs involved in the preparation of individual, gift, and information returns