GST And Form 709: Fundamentals Of Generation-Skipping Transfer Tax Reporting

Webinar: ID# 1026213
Recorded CD
About This Course:
This webinar will provide tax advisers and compliance professionals with a practical introduction to the fundamentals of generation-skipping transfer (GST) tax rules. The panel will offer useful guidance in identifying potential GST tax issues, and attendees will gain a solid grounding in the basics of the GST tax reporting regime.

A significant challenge for estate advisers and compliance professionals is navigating the GST tax, which has the reputation as being among the most complex tax rules. However, the basic mechanics of the GST tax regime can be reduced to identifying situations in which inter-generational transfers are designed to circumvent estate or gift tax liability.

Tax advisers serving high net worth individuals, as well as fiduciary compliance professionals, need to understand the fundamentals of the GST tax to avoid unnecessary tax cost.

A GST occurs when a person gifts or bequeaths property to a person who is two or more generations younger (37.5 years) than the person transferring the property. The recipient of a GST is termed a “skip person.” The GST tax is designed to prevent taxpayers from avoiding estate or gift taxes by imposing a flat tax on any gifts to skip persons in excess of the GST estate tax exemption amount.

There are two types of GSTs, direct skips and indirect skips. Tax advisers must be able to identify both types of transfers subject to the tax to calculate exemption amounts and properly report GSTs on Form 709.

Listen as our experienced panel provides practical guidance on allocating GST exemptions and on the elections available to tax advisers and compliance professionals to minimize the impact of GST tax.

Course Outline
  • Overview of how GST tax fits into the wealth transfer tax regime
  • Defining the rules governing when a GST takes place
    • Identifying skip persons
    • Direct skip transactions
    • Indirect skip transactions
  • GST exemption and allocation rules
  • Intro to Form 709
  • Illustration of a basic skip transaction and how to report

The panel will discuss these and other important issues:
  • Identifying “skip persons” and gifts that qualify as GSTs
  • Keeping track of exemption amounts accumulated over multiple years
  • Direct skips vs. indirect skips
  • Guide to Form 709 for gifts that must be reported but do not incur GST tax
  • Calculating GST tax on taxable gifts
Learning Objectives

After completing this course, you will be able to:
  • Recognize transfers that are subject to GST tax reporting requirements
  • Distinguish between direct skip persons and indirect skip persons
  • Identify filing requirements on Form 709 to report GSTs
  • Discern how to calculate GST exemption amounts
How To Access Course And Materials

Handout materials and the phone number for live presentations are made available to you one day prior to the event via email from the presenter. Copies of the presentations are included with recorded versions.

If you order a recorded version of the webinar, CDs will be mailed out approximately 10 days after the live event. Shipping is included in the price of recorded versions.

Continuing Education Credits Available

This program has been approved for 2.0 CPE hours through Strafford Publications. To obtain CPE credit, attendees must participate in the live event (recorded versions do not qualify for credit), return an Official Record of Attendance to Strafford affirming their participation (including the CPE code announced during the program), and pay a processing fee of $35 per person.

Strafford will mail a certificate of credit within approximately two weeks of receiving your completed Official Record of Attendance, provided all required conditions have been satisfied.

Strafford is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.
GST And Form 709: Fundamentals Of Generation-Skipping Transfer Tax Reporting
Available on CD format
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