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Form 706: Estate Tax Return Fundamentals

Stay up-to-date on when and how to file Form 706, and learn how to reduce future transfer taxes for your clients.

While the federal estate tax exclusion is currently high (over $12M), it is scheduled to decrease on January 1, 2026. Many estates are still required to file an IRS Form 706 (either because it is a taxable estate or it is a first death and you want to preserve portability for the surviving spouse), and many more will be required to file beginning in 2026. There are many pitfalls that even the most skilled and experienced practitioner falls into and common mistakes that befall us all. This presentation will help practitioners who prepare and file IRS Form 706s understand and recognize such common pitfalls and mistakes in order to submit an accurate IRS 706. We will review a simplified 706 and a full 706 to discuss the differences and which form is better suited for your client.

66 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Reasons to File IRS United States Estate (and Generation-Skipping Transfer) Tax Return Form 706

  • Required to File
  • File to Run Statute of Limitations
  • File to Elect Portability

General Information

  • Pitfalls to Watch Out For
  • Simplified vs. Regular Form
  • Attachments/Supporting Documents
  • Use of Explanation and Descriptive Paragraphs

Deadines

  • 9 Months (Extension With an Estimated Payment) (Form 4768)
  • 15 Months Filing (If Extension Was Timely Filed)
  • Rev. Proc. 2022-32, IRB 2022-30 IRB - Late Filing of 706 for Portability Purposes Only (Five Years)

Portability

  • 706 Just to Elect Portability
  • Reasons to Elect Portability

Acceptance of 706 vs. Audit/Review

  • Estate Tax Closing Letter Available Only Upon Request - No Longer Automatic
  • Obtaining Transcripts - Online Through the Transcript Delivery Service (Need an Account With the IRS); At Least Six Months From Submission
  • How to Reduce Audit Risk
  • How to Respond to Audit
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on October 26, 2022.

Call 1-866-352-9540 for further credit information.

  • AK CLE 1.0
     
  • Alaska attorneys may receive 1.0 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
     
  • AL CLE 1.1
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.1 hours credit.
     
  • AR CLE 1.0
     
  • This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.0
     
  • The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.0
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
     
  • CT CLE 1.0
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
     
  • GA CLE 1.0
     
  • This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
     
  • HI CLE 1.0
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.0 CLE credit hours.
     
  • IL CLE 1.0
     
  • This course was approved for a total of 1.0 hours of MCLE Credit by the Illinois MCLE Board.
     
  • IN CLE 1.1
     
  • This program has been approved by the Indiana Commission on Continuing Legal Education. Participating attorneys are eligible to receive up to 1.1 hours of Distance Education credit.
     
  • MO CLE 1.3
     
  • This course qualifies for self-study CLE credit in Missouri.
     
  • MS CLE 1.1
     
  • This program has been approved by the Mississippi Commission on Continuing Legal Education for a maximum of 1.1 credit hours.
     
  • ND CLE 1.0
     
  • North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.0 hours of CLE credit.
     
  • NH MCLE 1.1
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 65 Minutes.
     
  • NJ CLE 1.3
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.3 hours of total CLE credit.
     
  • NM CLE 1.0
     
  • This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.0 hours of credit.
     
  • NV CLE 1.0
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.0 CLE hours.
     
  • NY CLE 1.0 including Areas of Professional Practice 1
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.0 credit hours in the area(s) of Areas of Professional Practice for 1.00 hour. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, LLC. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • PA CLE 1.0
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.0
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
     
  • TN CLE 1.08
     
  • This program has been approved as a distance learning format by the Tennessee Commission on Continuing Legal Education for a maximum of 1.08 hours of credit.
     
  • VA CLE 1.0
     
  • This program has been approved by the Virginia Mandatory Continuing Legal Education Board for 1.0 CLE credit hours.
     
  • VT CLE 1.0
     
  • This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
     
  • WA CLE 1.0
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.0 hours of A/V credit under the Law & Legal Procedure category.
     
  • WI CLE 1.0
     
  • This program qualifies for 1.0 hour(s) of ondemand CLE through the WI Board of Bar Examiners.
     
  • WV MCLE 1.3
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.3 MCLE hours.
     
The CLE Code is ONLY a requirement when applying for CLE Credit in New York. Other states do not need to supply the CLE Code to apply for CLE credit.

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

Virginia MCLE requirements do not allow approval for programs that do not include an audio or audiovisual component.

This program was previously offered as a live webinar. Virginia MCLE requirements do not allow approval for attendance at duplicate programs.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Mark R. Shepherd

Mark R. Shepherd

Crist Biorn Shepherd Roskoph

  • Shareholder with the law firm of Crist, Biorn, Shepherd & Roskoph
  • Clients include wealthy individuals, C and S corporations, limited liability companies, partnerships, and family foundations
  • Provides tax opinions and tax dispute resolution
  • Achieved the highest rating with Martindale-Hubbell Law Directory
  • Lectures and teaches frequently in the areas of taxation and estate planning
  • Wrote '2036(c)Alert' published in the Fall 1989 issue of the Golden Gate University Tax Exchange and co-wrote Estate Planning for Farmers and Ranchers, University of California Publication 21515, 1993
  • J.D. degree, with honors, and LL.M. degree, Golden Gate University School of Law; B.A. degree, magna cum laude, San Francisco State University
  • Can be contacted at 650-321-5005 or [email protected]
No photo available

Kristin R. Wu

Crist Biorn Shepherd Roskoph

  • Associate with the law firm of Crist, Biorn, Shepherd & Roskoph
  • Advises clients of both modest estates to high-net-worth clients on areas related to their estate and business with an emphasis on establishing trusts, limited liability companies, partnerships, and family limited partnerships
  • Practice includes settling decedents’ estate ranging from administering trusts and filing estates with the court for probate, preparing and filing estate and gift tax returns, and providing resolutions to disputes between beneficiaries and trustees
  • Member of Santa Clara County Estate Planning Council, Silicon Valley Bar Association, and Palo Alto Area Bar Association
  • J.D. degree, Albany Law School of Union University; B.A. degree, Hofstra University
  • Can be contacted at (650) 321-5005 or [email protected]
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 409756
Published 2022
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