Gift tax returns offer the unique opportunity with low risk to both reduce federal gift tax liability, most effectively use the GST exemption, and eliminate audit risks and greater estate tax when the donor dies. However, poorly prepared gift tax returns leave taxpayers vulnerable to greater federal transfer tax liability and enhanced liability risks for tax professionals. This course helps practitioners correctly prepare gift tax returns, identify the connection of Schedule A to GST exemption elections, recognize the traps and secure the benefits with adequate disclosure compliance, using gift tax returns to avoid sales to sales being treated as gifts, communicate with appraisers, apply special assets descriptors (such as with formula gifts and GRATs), and identify available elections.
Preparation of more accurate, tax savings federal gift tax returns to secure happier clients and reduced risk for the tax professional
Learn the approach of the IRS toward gift tax return audit selection and the fertile returns that are not audited until death
Certified Specialist if Taxation Law by the California State Bar/Author of "Art of the Estate Tax Return"/ Leimberg Information Services, Inc. Consulting Committee,
Schiller Law Group