- NY Credits : 4.0
- TX Credits : 4.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 4.0
Master the rules surrounding taxation of gifts that transfer assets from one generation to another. Determine the differences between a complete and incomplete gift and the resulting gift tax ramifications. Learn the pitfalls, and strategies to overcome them. Identify related tax preparer penalties. Review legislative changes related to the estate, gift, and generation-skipping transfer tax, including the temporary expansion of the applicable exclusion amount through 2025 enacted in the Tax Cuts and Jobs Act of 2017. Review the history of the gift tax and proposed legislative changes. Identify planning opportunities available for gifts to minors as well as an election available among spouses to minimize or even eliminate gift tax. Review 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.
Included with subscription(s):
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.