PREPARATION OF FORM 706 & M706 Line by Line

Preparing an estate tax return is both an art and a science.  To master the skill, it is important to understand not just the basic concepts of estate tax law, but the details of the actual filing forms.  In this seminar, we will first briefly review the federal and Massachusetts estate tax rules, then dive in to the preparation of estate tax returns, using Form 706, Form M-706 and their schedules, showing how the estate tax obligation goes from a concept to a timely-filed return.  Topics to be covered include:

• Overview of federal and Massachusetts estate tax rules
• Outline of the estate tax return preparation process;
• Doing your homework: gathering information to complete the estate tax return;
• Reporting assets on the estate tax return: detailed review of Form 706, Schedules A – I– what’s included and where;
• Deductions against the estate: Form 706, Schedules J – O – expenses, marital deduction, charitable deduction;
• Putting it all together – computing the gross estate, additional information reporting, determining the tax due;
• Federal and Massachusetts distinctions – filing forms, reporting obligations and process, use of Masstaxconnect; and
• Issues related to filing – releases of lien, extensions of time to file and/or pay, audits, appeals and abatements.

Join Luke after the seminar from 12:00 p.m. – 12:30 p.m. for an open Q&A session.  Come prepared with your questions and fact patters.

Registration Form: 2023 Spring Registration Form