One Big Beautiful Bill Big Changes Ahead: Mastering IRS Forms 706 & 709 in 2025

Navigating tax compliance in estate and gift taxation can be challenging, especially for practitioners with limited experience in this evolving area. With the sweeping changes introduced by recent legislation, this course offers a timely and practical exploration of the updated Federal estate and gift tax laws. It provides an in-depth, section-by-section walkthrough of the newly revised Forms 706 and 709, reflecting the latest structural, procedural, and reporting updates. In addition, the course will highlight strategic planning opportunities to help minimize tax exposure in light of the new rules.

Foundations of Preparing Form 706: The Federal Estate Tax Return

Form 706, used by the executor of a decedent’s estate, is designed to calculate the estate tax under Chapter 11 of the Internal Revenue Code and the generation-skipping transfer (GST) tax on direct skips under Chapter 13. Following the recent legislative changes in the comprehensive “one big beautiful bill,” Form 706 has undergone significant structural updates, including consolidated schedules and streamlined reporting requirements. Despite these changes, it remains a complex return, spanning over 25 pages and including more than 15 detailed schedules that require careful preparation and compliance.

Session Highlights (2025)

• Learn how to accurately prepare each schedule of Form 706, using an illustrative sample return.
  
• Identify the six major components of Form 706 and recognize key compliance issues under the latest provisions.
• Determine estate tax liability in light of current law changes.
  
• Understand the single action required to elect portability and its practical implications.
• Recognize the significance of the information items and questions on Form 706 for full compliance.
• Apply updated rules for making a portability election to transfer the deceased spousal unused exclusion amount (DSUE) to the surviving spouse.
• Ensure proper asset valuation and deduction compliance under the new requirements.
• Calculate estate tax accurately using current rates and thresholds.
• Master the updated “portability” rules, including practical examples demonstrating how they operate.
• Address key considerations in preparing the decedent’s final federal income tax return (Form 1040).
• Navigate postmortem estate planning opportunities and compliance tasks under the revised law.
• Gain a complete understanding of estate and gift tax provisions as modified by the new bill.
• Understand the income tax consequences related to estate administration.
• Identify often-overlooked GST (Generation-Skipping Transfer) tax issues under the updated framework.

Preparing Form 709: The Federal Gift Tax Return

The federal gift tax still surprises many clients who wish to transfer wealth to family members — and the expanded provisions under One Big Beautiful Bill make compliance even more critical. Too often ignored by taxpayers and overlooked by practitioners, required gift tax returns can go unfiled, leading to costly penalties and missed planning opportunities. This course explains when gift tax returns are due under the updated rules and how to prepare them properly. Using a detailed hypothetical client who has made multiple gifts over several years, you’ll learn how to navigate the new requirements and ensure full compliance with all gift tax reporting obligations.

Session Highlights (2025)

• Explain what the federal gift tax is and how it operates under the new law.
• Identify which transfers are now subject to the gift tax — and which are excluded — under the updated provisions.
• Understand key compliance and reporting requirements for the gift tax, including new thresholds and rules.
• Recognize planning opportunities and strategies for minimizing gift tax exposure under the revised framework.
• Determine the current filing requirements for Form 709 and clarify who is responsible for paying the tax.
• Understand how the gift tax interacts with the updated estate and GST (Generation-Skipping Transfer) tax regimes.
• Learn how the gift tax is calculated under the new law and what taxpayer information must be gathered.
• Identify which gifts must be reported and taxed to ensure full compliance.

Who Should Attend?

• CPA
  
• Enrolled Agents (EAs)
• Tax Professionals
• Attorneys
• Other Tax Preparers
• Finance professionals
  
• Financial planners

Credits and Other information:

• Recommended CPE credit – 3.0
  
• Recommended field of study – Taxes
• Session Prerequisites and preparation: None
• Session learning level: Basic
• Location: Virtual/Online
• Delivery method: Group Internet Based
• IRS CE Provider: #PUPOT
• IRS Course ID: PUPOT-T-00012-25-O
• Attendance Requirement:  Yes
• Session Duration: 3 Hours
• Case Studies and Live Q&A session with speaker
  
• PowerPoint presentation for reference

Speaker Profile:

Julieanne E. Steinbacher

Julieanne is the President of Estate & Long Term Care Planning, Inc., a company which provides continuing education for professionals in Pennsylvania and coaching for attorneys throughout the nation. Julieanne has lectured extensively for Pennsylvania State University Tax Institutes and Tax Week, PICPA-Pennsylvania Institute of Certified Public Accountants, National Association of Tax Practitioners-PA Chapter, Pennsylvania Society of Public Accountants, Elder Law Institute, Pennsylvania Bar Institute, Pennsylvania Bar Association Annual Meeting, Back to Basics, Tax Pro Seminars, and the University of Illinois.