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.
Form 1041 (Estate & Trust Income Tax):
• Filing requirements & deadlines
• Differences between simple and complex trusts
• Distributable Net Income (DNI) calculations
• Deductions, exemptions, and credits
• K-1 preparation for beneficiaries
Form 706 (Federal Estate Tax Return):
• When filing is required (estates exceeding the exemption)
• Valuation of assets (real estate, businesses, investments)
• Portability election (DSUE) for surviving spouses
• Deductions (debts, expenses, charitable bequests)
• State estate tax considerations
• 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.
• Understand and obey compliance requirements for forms 1041 and 706.
• Identify key tax-saving strategies for estates, including deductions, exemptions, and income shifting.
Credits and Other information:
• Recommended CPE credit – 2.0
• Recommended field of study – Taxes
• Session Prerequisites and preparation: None
• Session learning level: Basic
• Location: Virtual/Online
• Delivery method: Group Internet Based
• Attendance Requirement: Yes
• Session Duration: 120 Min
Who Will Benefit:
• CPA
• Enrolled Agents (EAs)
• Tax Professionals
• Attorneys
• Other Tax Preparers
• Finance professionals
• Financial planners
Speaker: Robert S. Keebler, CPA/PFS
Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA is a partner with Keebler & Associates, LLP and the current chairman of the AICPA Advanced Estate Planning Conference. In 2007 he was inducted into the Estate Planning Hall of Fame of National Association of Estate Planners & Councils. He has also been named by CPA Magazine as one of the Top 100 Most Influential Practitioners in the United States and one of the Top 40 Tax Advisors to Know During a Recession. His practice includes family wealth transfer and preservation planning, charitable giving, retirement distribution planning, and estate administration.
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