Preparing Form 706: The Federal Estate Tax Return

Author: Steven G. Siegel

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

Learn How to Prepare the Federal Estate Tax Return, Form 706
This convenient and timely two-hour CPE course addresses the preparation of IRS Form 706, the U.S. Federal Estate Tax Return. This form is a complicated return to prepare, running more than 25 pages with more than 15 schedules.

Returns for 2018 must take into account additional wrinkles and complexities that must be mastered based on the Tax Cuts and Jobs Act of 2017 as well as recent changes in tax law. Most critically for your practice, you should be prepared to properly explain portability and document those conversations and resultant client decisions to avoid potential future problems when clients choose not to file a Form 706. Filing a 706 may be necessary even with the higher exemption from tax on estates under recent tax legislation.

Presented by noted estates and trusts practitioner, author and educator Steven G. Siegel, J.D., LL.M., this insightful class will provide a practical overview of the basic concepts and issues of estate taxation, the impact of new developments on estate taxes and filing estate tax returns - including portability, and then give you a helpful schedule-by-schedule review of what must be done to accurately complete the Form 706.

Publication Date: October 2018

Designed For
This course is essential for CPAs, enrolled agents, tax attorneys and other professionals who advise clients on tax, retirement and estate planning, and other wealth management matters.

Topics Covered

  • Is a federal estate tax return required?
  • How portability works and the Deceased Spouse's Unused Exemption (DSUE) calculation
  • Estate taxes under current law and the impact on 2016 deaths and filing estate tax returns
  • Due dates and extensions - forms to file
  • Preparing Form 706 Asset Schedules A through I
  • Use of the alternate valuation date
  • Preparing Form 706 Deduction Schedules J through U
  • Preparing Form 706 Schedules R and R-1: Generation-Skipping Transfer Tax
  • Completing the return
  • Installment payment of tax election: Section 6166

Learning Objectives

  • Recognize and apply the basic concepts and issues of estate taxation
  • Describe the practical implications of key estate tax changes and the impact on filing estate tax returns for 2016
  • Identify the parts and schedules that make up the Form 706
  • Recognize how to determine estate tax liability
  • Differentiate which form should be filed in order to request a six-month extension for filing an estate tax return
  • Describe correct statements regarding 2018 filing estate returns
  • Identify which types of real estate are required to be reported on Schedule A
  • Differentiate schedules A through I and how they apply
  • Identify correct statements with respect to claims against a decendent
  • Describe installment payments of tax under Section 6166
  • Recognize how medical expenses of a decedent paid by his or her estate are deductible
  • Differentiate schedules J through U and how they apply
  • Identify eligible estate tax payments may be deferred for up to how many years, with interest only being paid during that time, with respect to installment payments
  • Recognize how losses incurred during estate administration caused by fire, storm, shipwreck or other casualties or from theft are deducted


Instructional Method

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites

Advance Preparation

Registration Options
Regular Fee $55.00

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