Identifying and Repairing Form 709 Gift Tax and GST Return Reporting Errors
Filing Corrective Returns, Reporting Prior Years' Unreported Gifts, Fixing GST Allocations, and More
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax advisers and compliance professionals with a thorough and practical guide to identifying and remedying gift tax reporting errors on IRS Form 709. The panel will discuss common and complex gift tax mistakes, including incorrect reporting of gift splitting and incorrect GST allocations, as well as detail amended and subsequent year filings.
Outline
- What transactions must be reported on a Form 709 Gift Tax Return
- Identifying circumstances where taxpayers failed to file a required gift tax return
- Fixing incorrectly reported split gifts
- Repairing incorrect GST exemption allocations on gift tax and GST returns
- Reporting powers of appointment on Form 709
Benefits
The panel will discuss these and other important topics:
- Identifying circumstances where a client failed to file a required Form 709 Gift Tax Return
- Failure to accurately account for a "split gift"
- Errors in GST exemption allocation
- Impact of powers of appointment on gift tax returns
Faculty
Michael T. Clear
Partner, Chair Private Client Services Department
Wiggin and Dana
Mr. Clear regularly counsels clients on the far-reaching financial implications of estate planning, estate and trust... | Read More
Mr. Clear regularly counsels clients on the far-reaching financial implications of estate planning, estate and trust administration, probate litigation, and business succession planning. His estate planning practice includes assisting individuals and families in tax-efficient and practical estate and gift planning, including the preparation of wills, revocable living trusts, insurance trusts, and entities to own special family assets such as vacation homes and collections. Mr. Clear’s estate and trust administration practice often dovetails with his probate litigation experience, where he advises clients in will and trust construction cases, contested accountings, fiduciary removal proceedings, payment of unpaid claims, and conservatorship and guardianship matters. Mr. Clear also assists business owners with succession planning by presenting to family groups on business/estate planning matters and by preparing business entities, shareholders’ agreements, buy-sell agreements, and grantor-retained annuity trusts. He often facilitates the sale or purchase of business assets.
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Shaina S. Kamen
Senior Counsel
Holland & Knight
Ms. Kamen concentrates her practice on sophisticated trusts and estates matters for individuals and families. She... | Read More
Ms. Kamen concentrates her practice on sophisticated trusts and estates matters for individuals and families. She advises clients on all aspects of estate, gift and generation-skipping transfer tax planning, and works with clients and family offices to create estate and business succession plans consistent with family goals. In addition, Ms. Kamen works with clients to build their charitable legacies by developing and administering charitable giving programs through the use of entities such as private foundations and charitable trusts. Her practice also encompasses all aspects of estate and trust administration in New York and Florida.
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Christiana M. Lazo
Partner
Proskauer
Ms. Lazo’s practice consists of representing ultra-high net worth individuals, their family offices, and closely... | Read More
Ms. Lazo’s practice consists of representing ultra-high net worth individuals, their family offices, and closely held businesses in developing and implementing sophisticated domestic and international tax and estate plans. She has significant experience counseling global clients on inbound and outbound planning, particularly advising families with members in multiple jurisdictions on wealth transfers and on tax-efficient investment and business ownership structures.
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