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Estate Tax Reporting: Forms 1041 and 706
- Form 1041 and 706 preparation.
- Compliance issues and key topics including asset valuation, deductions, tax liability and portability elections.
- Descendent 1040 preparation and planning discussions to minimize taxability.
Session Highlights
- Preparation of forms 1041 and 706.
- Estate income, common examples and proper reporting on form 1041.
- Six major components of Form 706 to ensure compliance.
- Determining Tax Liability.
- Portability elections, their availability and use.
- Asset valuation and deduction compliance and their impact on tax calculations.
- The ins and outs of the “portability” rules, including how the rules actually work using common examples.
- Issues involved in the preparation of the decedent’s final federal income tax return (Form 1040).
- Income tax consequences.
After attending and participating in this webinar, you will be able to:
- Successfully and correctly complete forms 1041 and 706
- Understand and obey compliance requirements for forms 1041 and 706.
- Understand asset valuation, estate deductions, and correctly ascertain the impact on tax liability.
- Explain tactics to assist clients in estate planning to minimize future tax liability.
Overview of the webinar
Preparing returns for estates can be difficult, especially if you do not prepare these kinds of returns often, but these services are vital for our clients. This course provides the practitioner with a practical understanding of Federal estate law. We will examine Forms 1041 and 706 and will address how and when to prepare each form. We will also discuss planning suggestions to minimize taxation where possible for clients.
Who should attend?
- Payroll Managers
- A/P Managers
- A/P Staff
- Finance Executives
- Tax Professionals
- Accounts Payable and Finance Department Staff
- Third Party Payment Settlement and Processing Agencies
- Certified Public Accountants
- Enrolled Agents
- Lawyers
Why should you attend?
The executor of a decedent's estate uses Form 1041 to report estate income. One uses Form 706 to figure the estate tax imposed by Chapter 11 of the Internal Revenue Code, and, also used to compute the generation-skipping transfer (GST) tax imposed by Chapter 13 on direct skips. This form is a complicated to prepare.
Faculty - Mr.Jason Dinesen
Jason Dinesen (EA, LPA) is a tax nerd, entrepreneur, tax expert and a well-known presenter of continuing education courses.
Known for his sharp tax interpretations, he is one of the quickest to bring the analysis of the latest tax updates and IRS guidance to the professional community. Jason has coached over 200,000 accounting, tax, and HR professionals on various topics of accounting, individual taxation, corporate taxation, professional ethics and much more.
He has presented over dozens of webinars on Form 1099 (for 10 years on this subject!); marriage in the tax code; tax updates; the new Form W-4, payroll updates, filing status, tax credits, corporation and partnership taxation and other issues relating to the modern-day setting.
Jason always had a knack for speaking and news reporting. He is regularly featured as an anchor for Radio Iowa and Radio Minnesota, is a frequent Podcast Guest and hosts his own Podcast.