- Credits: 3
- Format: OnDemand® Webinar
- Field of Study: Federal Tax Law
- Author/Speaker: Andrew Clark, EA
|Course ID:||Advanced Preparation:||Experience Level:|
|EWTFM-T-01661-20-O | 6233-CE-0380||None||Overview|
|Published Date:||Program Prerequisites:||Other Course Formats:|
|© Sept 2020||Basic Understanding of Taxation||eBook | Self-Study Video | Self-Study Audio | Live Webinar|
Gifts are a commonly used method to reduce the amount of estate taxes owed. The Tax Cuts and Jobs Act made changes in the effect of gift taxes.
- This course has been updated to reflect all current changes to the tax law as practitioners prepare returns in 2019.
- This course will explore the topic of gift taxes.
- It will explain when gifts are free of tax liability and identify various scenarios where filing a gift tax return is required.
After reading the course material, you will be able to:
- Describe what financial transactions constitute a gift,
- Recognize when a gift transaction is completed,
- Identify the annual gift exclusion amount,
- Differentiate between present interest and future interest gifts,
- Recognize the types of gifts that are not subject to gift taxes,
- Recognize the benefits of gift splitting,
- Identify the form that is used for Gift Taxes and the due date for submitting it.
Who Should Attend:
- All Certified Public Accountants (CPAs)
- Enrolled Agents (EAs)
- Tax Return Preparers (TRPs)