BarbriSFCourseDetails
  • videocam Live Webinar with Live Q&A
  • calendar_month February 26, 2026 @ 1:00 p.m. ET./10:00 a.m. PT
  • signal_cellular_alt Intermediate
  • card_travel Tax Preparer
  • schedule 110 minutes

New Form 708: Section 2801 Reporting, Covered Gifts and Bequests, Covered Expatriates, Filing Protective Claims

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Discount expires 1/20/26

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About the Course

Introduction

This webinar will cover filing requirements and the preparation of new Form 708 for the receipt of specific gifts from abroad. Our panel of foreign tax specialists will review the definitions of applicable gifts and donors, reporting deadlines, and exceptions to the reporting requirements, as well as discuss unresolved issues where additional guidance is needed.

Description

On Jan. 10, 2025, the IRS issued long-awaited final regulations under Section 2801. Following shortly thereafter was the release of draft Form 708, United States Return of Tax for Gifts and Bequests Received From Covered Expatriates. 

Section 2801 imposes a tax at the highest gift and estate tax rate (40% in 2026) at the time a "covered gift or bequest" is transferred to a U.S. beneficiary by a "covered expatriate." The recipient is responsible for reporting and remitting the tax, which can be problematic. To avoid steep penalties, beneficiaries who are unsure whether a gift received is subject to the requirements may consider filing protective claims. Further complicating compliance is the application of the new reporting requirements to trust distributions and the possible reach of the compliance requirements to distributions made since June 17, 2008, when Section 2801 was added by the Heroes Earnings Assistance and Relief Tax (HEART) Act. International tax professionals and multinational taxpayers need to understand the implications of the new reporting requirements.

Listen as our knowledgeable panel of international tax professionals explains the new requirements under the final Section 2801 regulations, including preparing new Form 708 to report gifts received and remit any required tax.

Presented By

Marianne Kayan
Partner, Principal EY Private, Practice Leader, International Private Client
Ernst & Young

Ms. Kayan leads a collaborative team of professionals to address the cross border needs of high net-worth business connected individuals. Since 2010, she has been a key developer of EY Private's cross border team. Ms. Kayan focuses on teaming with EY affiliated firms and other subservice lines to offer exceptional global client service.

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Mishkin Santa, JD, LLM, TEP
Principal
The Wolf Group, PC

Mr. Santa is a Principal of The Wolf Group and oversees the firm’s international tax services in the areas of Offshore Voluntary Disclosure, US Exit Tax, foreign grantor and non-grantor trusts, nonresident alien taxation, international organization employee taxation, pre-immigration tax planning, and cryptocurrency. He assists individuals and businesses with highly specialized and complex tax issues related to offshore corporations, family businesses, trusts, and retirement plans. As a former attorney with the IRS Chief Counsel, Mr. Santa is well-positioned to guide clients on a range of reporting and disclosure issues. In addition, he speaks regularly at professional events sponsored by attorney and CPA groups in the US and abroad.

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Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

Date + Time

  • event

    Thursday, February 26, 2026

  • schedule

    1:00 p.m. ET./10:00 a.m. PT

I. New Form 708 and Section 2801: introduction

II. Covered gifts and bequests

III. Covered expatriates

IV. Reporting requirements for trusts

V. Other reporting obligations

VI. Exceptions

VII. Filing protective claims

VIII. Penalties and penalty relief

IX. Areas where additional guidance is needed

The panel will cover these and other critical issues:

  • Defining covered gifts and bequests
  • Areas where additional guidance is needed
  • Filing protective claims
  • Completing new Form 708, U.S. Return of Tax for Gifts and Bequests Received From Covered Expatriates

Learning Objectives

After completing this course, you will be able to:

  • Identify covered expatriates under IRC Section 2801
  • Determine how to report covered gifts and bequests on new Form 708
  • Decide exceptions to Section 2801 reporting requirements
  • Ascertain when trust distributions require reporting on new Form 708


  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite:

    Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of international taxation including residency determination, foreign entity classifications, application of treaty benefits, as well as GILTI, Subpart F, and the related Section 250 deductions.


BARBRI, Inc. 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 Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

BARBRI CE webinars-powered by Barbri-are backed by our 100% unconditional money-back guarantee: If you are not satisfied with any of our products, simply let us know and get a full refund. Contact us at 1-800-926-7926 .