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Live Webinar

90-minute live streaming program
  • July 16
  • 1:00 - 2:30 pm EST

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OnDemand Webinar

Form 709: United States Gift (and Generation-Skipping Transfer) Tax Return Fundamentals

July 16

Get the essential information you need to file Form 709 and save your clients from future estate tax problems.

A significant challenge for estate planners, accountants and other professionals is the gift tax return. The challenge is born from the fact that the form itself is short and, therefore, appears simple. In reality, the form is complex and is often the culmination of calculated, intricate estate planning, including not only the gift tax exposure but also identifying the potential GST tax issues. Therefore, it is important to always consider the possibility of an audit during the preparation phase in order to be properly prepared to defend the gift tax return. There are several questions to contemplate: What if your gift tax return is selected for audit? Will it stand up to scrutiny? Will the value of the gift be upheld, if challenged? Will the value of the gift be increased? Will there be taxes due or interest and penalties? A gift tax return is the summary of the gift and memorializes the transaction. If the gift tax return is not properly prepared and filed, the value of the gift can fail, possibly causing transfer taxes and interest and penalties. It is important to understand when to file a gift tax return, what documents must be attached for substantiation, disclosure of zero gift tax transactions (sales to grantor trusts) and that a properly filed gift tax return will allow the statute of limitations to run. This topic will explain how to properly prepare a gift tax return with the appropriate exhibits for adequate disclosure, will enable you to advise your clients as to the scope of a gift tax return and the protection that a properly prepared gift tax return can afford, and give you and your client the peace of mind that the gift will not come back to haunt you in the future.

Learning Objectives

  • You will be able to discuss the purpose of a gift tax return.
  • You will be able to describe the benefits of a properly prepared gift tax return and describe the risks of an improperly prepared gift tax return.
  • You will be able to explain how to prepare a gift tax return.
  • You will be able to review a gift tax return and recognize if it is properly prepared.

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Why Lorman?

Over 32 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

Overview
  • Gift and Gift Types
  • Annual Gift Tax Exclusion/Lifetime Gift and Estate Tax Exemption
  • Filing Requirement - Who Must File
  • Transfers Not Subject to the Gift Tax
  • Transfers Subject to the Gift Tax
  • Tax Rate and Penalties
Vocabulary and Background
  • Skip Person and Non-Skip Person
  • Direct Skip
  • Split Gifts
Review of United States Gift (and Generation-Skipping Transfer) Tax Return (Form 709)
  • General Information
  • Schedule A - Computation of Taxable Gifts
  • Schedule B - Gifts From Prior Periods
  • Schedule C - Deceased Spousal Unused Exclusion (DSUE)
  • Schedule D - Computation of Generation-Skipping Transfer Tax
  • Exhibits and Adequate Disclosure
Illustration of a Gift Tax Return
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Why Lorman?

Over 32 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 Webinar

This course was last revised on May 17, 2016.

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

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

Live Webinar Registration

  • CFP 1.5
     
  • The Certified Financial Planner Board of Standards, Inc. has granted 1.5 hours of continuing education credit. Level of Knowledge: Intermediate.
     
  • AL CLE 1.5
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.5 hours credit.
     
  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.5
     
  • The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, Inc. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CT CLE 1.5
     
  • 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: 1.5 CLE credit(s).
     
  • GA CLE 1.5
     
  • This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.5 CLE hours.
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 1.5
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.5 hours of CLE credit under M. Bar R. 12.
     
  • MS CLE 1.5
     
  • This program has been approved by the Mississippi Commission on Continuing Legal Education for a maximum of 1.5 credit hours.
     
  • MT CLE 1.5
     
  • This program has been approved by the Montana Commission of Continuing Legal Education for a total of 1.5 CLE credits.
     
  • NH MCLE 1.5
     
  • 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: 90 Minutes.
     
  • NJ CLE 1.8
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.8 hours of total CLE credit.
     
  • NV CLE 1.5
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. 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, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.5
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
     
  • TN CLE 0.15
     
  • This program has been approved as a distance learning format by the Tennessee Commission on Continuing Legal Education for a maximum of 0.15 hours of credit.
     
  • VT CLE 1.5
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hours of CLE credit.
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of Law & Legal Procedure credit.
     
  • WI CLE 1.5
     
  • This program has been approved by the Board of Bar Examiners for 1.5 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • WV MCLE 1.8
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
     
  • Enrolled Agents 1.0
     
  • This program qualifies for 1.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     
  • CPE 1.8 including Taxes 1.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 1.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Taxation for 1.5 hours.
     

Who should attend?

This live webinar is designed for estate planners, accountants, attorneys, presidents, vice presidents, CPAs, controllers, business owners and managers, tax managers, financial planners and enrolled agents.

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Why Lorman?

Over 32 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

John S. Erwin, Esq.

John S. Erwin, Esq.

Erwin & Marcus, P.C.

  • Senior partner of Erwin & Marcus, P.C., and founding partner of the predecessor law firm, Hill, Ullman & Erwin P.C.
  • Erwin & Marcus, P.C., formed in 2015, is the successor to Hill, Ullman & Erwin P.C., which, since 1978, has guided clients through the process of wills, trusts, gift, estate planning, asset protection and generation-skipping tax planning; he calls this process Waste Management because unnecessary and avoidable estate taxes or the failure to protect assets is indeed a waste
  • Firm focuses on methods that help individuals and families maximize the preservation of assets and minimize estate and gift taxes; the mission is protection, for clients and future generations; the goal is simple: to give clients the peace of mind that results from a properly implemented estate plan
  • Consultant on estate planning for the Peconic Land Trust of Southampton, New York, where he joins their mission to conserve and protect Long Island’s working farms and open spaces and to leverage funds available from the public and private sector for continued land protection
  • Serves on the board of directors for the Southfork Land Foundation and is a member of the planned giving counsel of New York Presbyterian
  • Supporter of Empire State Pride Agenda, New York’s statewide LGBT civil rights and advocacy organization and Publicolor, a stay-in-school youth development program
  • Member of the New York State Bar Association NYSBA Trusts and Estate Law Section
  • J.D. degree, Union University, Albany School of Law; B.A. degree, Westminster College
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Why Lorman?

Over 32 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: 405796
Published 2016, 2019
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