gov) worksheets and instructions to Forms 706
and 709 to be used to properly calculate and report both the recalculated applicable exclusion amount and remaining GST exemption amount.
When a significant tax was due--or at least when the potential for a large tax existed--taxpayers were willing to incur the costs of a lawyer who provided compliance services; however, if the vast majority of Forms 706
will be filed merely to secure portability of the exemption from the first spouse to the surviving spouse, with no anticipation of estate taxes being due, taxpayers will flock to those preparers offering the lowest cost and most efficient service.
Just in time for tax season, highlights are extensive 1040 update, Forms 706
, 709, and 1041, pertinent case law, and tax issues and entity selection.
The number of Forms 706
, United States Estate (and Generation-Skipping Transfer.
estates of nonresident aliens; Forms 706
GS(D) and 706 GS(T) are for
ET (TEGE) Help Line Extension to File (800) 829-4477 24/7 Forms 706
and 709 Help (866) 699-4083 M-F, 7:00 a.
Program highlights are extensive 1040 Update, Forms 706
, 709 and 1041, Pertinent Case Law, and Tax Issues.
Other deductions that may result in a choice between Forms 706
and 1041 are reportable on Form 706, Schedule K, Debts of the Decedent, and Mortgages and Liens.
The Service agreed that the estate had overpaid its estate tax and interest; however, because the estate had not filed supplemental Forms 706
or protective refund claims pursuant to Rev.
and 8453 already include limited powers of attorney that allow the IRS to speak directly with representatives of the taxpayer.
As the Tax Division has noted in its annual Tax Practice Guides and Checklists, in the sections covering Forms 706
and 709, practitioners should consider allocating the GSTT exemption and review prior returns after 1985 for use of the GSTT exemption.