Oftentimes, some unwitting taxpayers and practitioners overlook the importance of gift tax returns. So the IRS Form 709 can be left unfiled. In this webinar, you will get an understanding of the reporting requirements and we will provide the preparation tactics that influence the process.
We will highlight the strategies that can be used to mitigate and, in some instances, even eliminate a tax that currently can take as much as a 40% bite from gratuitous transfers will be examined, along with looming legislative changes that threaten to upend planning for wealth transfers.
Join us this June to learn when these returns are due and how you can prepare them.
Get Answers To
-What are the filing requirements for Form 709?
-How do we prepare Form 709 line-by-line?
-Who is liable for the tax?
-How does the gift tax relate to the estate & GST tax regimes?
-What tax code changes can we expect?
-What's the split gift compliance?
-Why is gift tax imposed?
-How and when can you file to extend your income tax return?
-What taxpayer details are required?
-What's the process of tax calculations?
-What are the tax rates for 2021?
-What could go wrong if you ignore it?
-Where comes the cumulative tax?
-Is there a way we can still pay less?
Core Objectives of the Webinar
-Categorize which gifts are subject to tax
-Identify the three elements that make a gift a “gift”
-Understand the difference between the gift tax exemption and the exclusion
-Employ special rules provided for by the gift tax regime that apply to donor spouses, non-resident aliens, and expatriates
-Join the experienced professional to complete the Form 709 based on step-by-step instructions and practice pointers to minimize the mistakes
Why You Should Attend
In this webinar, you will get to interact with and take insights from our taxation expert as to how you can prepare Form 709 without any errors. You will learn the basic difference between gift tax vs estate tax. We will provide a detailed review of the mistakes you can make in the process and show you the effective solutions to avoid them.
Above all, we will discuss the implications and penalties by the Internal Revenue Service (IRS) in this regard.
Who Will Benefit?
You may ask your Question directly to our expert during the Q&A session.
Monica Haven is an Enrolled Agent, an Accredited Tax Advisor, and Accredited Tax Preparer. With a Master of Law in Taxation (LL.M.) from Loyola Law School in Los Angeles, she has a Bachelor of Science degree in Small Business Management with an emphasis on New Ventures, and is a graduate fellow of the National Tax Practice Institute, a nationally recognized academic program designed to develop and hone the skills necessary for effective taxpayer representation.
Monica Haven has been a long-term and active member of numerous professional organizations, including the National Association of Enrolled Agents, the National Society of Accountants, the National Association of Tax Practitioners, the National Society of Tax Practitioners, the California Society of Enrolled Agents, the California Society of CPAs, and the California Society of Accounting and Tax Professionals, as well as the Los Angeles County Bar Association, the Young Tax Lawyers Committee, and the Tax Law Society.
She has been nominated to Who's Who in California, Who's Who of American Women, Two Thousand Notable American Women, International Who's Who of Professional and Business Women, World Who's Who of Women, and Woman of the Year in Finance.
She is a nationally recognized speaker and a sought-after guest lecturer on college campuses and at community organizations. She loves to teach and welcomes every opportunity to share her experience and expertise in the classroom, even as she maintains her Southern California tax practice which serves clients throughout the world. Monica’s students say she’s a “fantastic speaker” who can take “hard subjects and put them into concepts that are easy to understand.” She is “clear, articulate and expressive” and “has energy down to the last minute of the last class of the last day.” Let’s see if you agree.
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