Course Description

The estate tax return is very different from nearly every other IRS filing. It is filled with nuances and details that often elude the average practitioner. To make matters worse, clients who have to file a Form 706 are generally wealthy, so errors can be costly. In this course, we will discuss some basic tax strategies when filing Form 706. We will discuss deductions, key elections, and even delve into why a return may need to be filed even if the deceased was below the lifetime exemption amount!

Learning Objectives

  • Identify who needs to file a Form 706 Estate Tax Return.

  • State how to elect portability on Form 706.

  • Recognize basic deductions available on Form 706.

Additional Required Materials

  • Level: Overview

  • Field of Study: Taxes (NASBA); Estate Planning (CFP); Federal Taxation (IRS)

  • Who Should Attend: Tax practitioners and financial advisors who work with high-net-worth clients.

  • Required Knowledge: None

  • Advanced Prep: None

Instructor

CPA, CPCU, MST, MBA David Peters

David Peters is the Founder and Owner of Peters Tax Preparation & Consulting in Richmond, VA. He has over fourteen years of experience in financial services, including 3 years in the hedge fund industry and six years in the insurance industry. David was the first-ever Chief Financial Officer at Compare.com - a position he held for over three years. He is a national CPE Instructor/Discussion Leader for the AICPA, Surgent, and Kaplan. He regularly teaches courses in accounting, finance, insurance, and ethics throughout the United States. He holds four Masters degrees and contributes regularly to various CPA publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures. He was also a co-author of the 2018 Virginia CPA Ethics course – a required course for all CPA’s licensed in the Commonwealth of Virginia.