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IRS Form 709 Line-by-Line – The Gift Tax Return

Overview

Oftentimes, some unwitting taxpayers and practitioners overlook the importance of gift tax returns. So the IRS Form 709 can be left unfiled. In this webinar, you will get an understanding of the reporting requirements and we will provide the preparation tactics that influence the process.
 

We will highlight the strategies that can be used to mitigate and, in some instances, even eliminate a tax that currently can take as much as a 40% bite from gratuitous transfers will be examined, along with looming legislative changes that threaten to upend planning for wealth transfers.
 

Join us this June to learn when these returns are due and how you can prepare them.
 

Get Answers To

-What are the filing requirements for Form 709?
-How do we prepare Form 709 line-by-line?
-Who is liable for the tax?
-How does the gift tax relate to the estate & GST tax regimes?
-What tax code changes can we expect?
-What's the split gift compliance?
-Why is gift tax imposed?
-How and when can you file to extend your income tax return?
-What taxpayer details are required?
-What's the process of tax calculations?
-What are the tax rates for 2021?
-What could go wrong if you ignore it?
-Where comes the cumulative tax?
-Is there a way we can still pay less?

 

Core Objectives of the Webinar

-Categorize which gifts are subject to tax
-Identify the three elements that make a gift a “gift”
-Understand the difference between the gift tax exemption and the exclusion
-Employ special rules provided for by the gift tax regime that apply to donor spouses, non-resident aliens, and expatriates
-Join the experienced professional to complete the Form 709 based on step-by-step instructions and practice pointers to minimize the mistakes

 

Why You Should Attend

In this webinar, you will get to interact with and take insights from our taxation expert as to how you can prepare Form 709 without any errors. You will learn the basic difference between gift tax vs estate tax. We will provide a detailed review of the mistakes you can make in the process and show you the effective solutions to avoid them.
 

Above all, we will discuss the implications and penalties by the Internal Revenue Service (IRS) in this regard.

 

Who Will Benefit?

-Tax professionals
-Tax consultants
-Tax practitioners
-Estate attorneys
-Accountants
 

You may ask your Question directly to our expert during the Q&A session.

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