- NY Credits : 6.0
- TX Credits : 6.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 6.0
Federal Gift Tax (and the Generation-Skipping Transfer Tax)
Master the rules surrounding taxation of gifts as a means to transfer assets from one generation to another. Learn the pitfalls, and strategies to overcome them, as well as all the key computations. Identify more rigid tax preparer penalties established in the Protecting Americans from Tax Hikes Act of 2015 for preparers of gift tax returns. Understand the estate, gift, and generation-skipping transfer tax changes included in the American Taxpayer Relief Act of 2012, including permanently unifying the applicable estate and gift tax exclusions and establishing a maximum gift tax rate. Analyze the estate and gift tax changes included in the Tax Cuts and Jobs Act of 2017 signed into legislation on December 22, 2017 by President Trump, including the temporary doubling of the applicable exclusion amount for estates of decedents and gifts made after December 31, 2017 and before January 1, 2026. Review the history of the gift tax while identifying planning opportunities available for gifts to minors as well as an election available among spouses to minimize or even eliminate gift tax. Additionally, understand the adequate disclosure requirements to commence running of the statute of limitations for gift tax.
This course is most appropriate for the professional with detailed knowledge of federal gift tax who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both.
Upon successful completion of this course, the user should be able to:
describe the federal gift tax,
explain inter vivos transfers,
discuss gift tax subjects and computation of the gift tax,
discuss the generation-skipping transfer tax and the calculations, and
complete Form 709.