Preparing Form 706-NA | CPE Course

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Course Details

Course Information

smart_display Format
On-Demand
signal_cellular_alt Difficulty Level
Intermediate
work Practice Area
Tax Preparer

Date & Time

event Date
Wednesday, June 8, 2022
schedule Time
1:00 p.m. ET./10:00 a.m. PT
timer Program Length
110 minutes

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).

$197.00

CPE

ALL

This webinar will explain how to prepare Form 706-NA, U.S. Estate and GST Tax Return, for green card holders and nonresidents. Our panel of trust and estate tax experts will discuss assets that are included in the gross estate, available deductions, and the effect of death tax treaties on the taxable estate, as well as demonstrate how to complete the form itself.

Faculty

Griffin H. Bridgers

Member

Hutchins & Associates, LLC

Mr. Bridgers' practice encompasses all areas of private wealth and family business. In addition to estate planning and estate administration, he is experienced in mergers and acquisitions, taxation, business transactions, franchising, commercial contracts, asset protection, executive compensation, employee benefits, qualified and non-qualified retirement plans, and nonprofit organizations. He counsels closely-held and family businesses, and nonprofit organizations, with their planning, succession, and liquidity needs in a variety of industries including tech, restaurant and retail, healthcare, manufacturing, construction, real estate, financial services, consulting, and professional staffing.

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Cynthia D. Brittain

Partner

Holland & Knight LLP

Ms. Brittain is a private wealth services attorney in Holland & Knight's Century City and Newport Beach offices. She works closely with private clients in the U.S. and around the world, designing efficient strategies that maximize tax benefits for individuals and their companies while meeting personal wealth transfer and business succession needs. Ms. Brittain has decades of experience advising high-net-worth and ultra-high-net-worth individuals and families on domestic and international income and estate tax planning strategies and philanthropic endeavors. Her practice offers significant cross-border experience for families whose members are multinational and whose companies have a global footprint. Ms. Brittain helps clients navigate complex issues relevant to international and domestic wealth and asset transfers. She also assists with pre-immigration planning and international corporate tax matters, leveraging her extensive experience with the cross-border regulatory laws that affect planning and compliance. Ms. Brittain is frequently sought out by international private clients and their advisory teams in urgent, high-stakes situations to help mitigate legal and reputational risk.

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Description

Like U.S. residents, the estate of a nonresident alien (NRA) is valued as of date of death or using the alternative valuation date (six months later), an exemption is applied, and certain deductions are allowed before calculating the taxable estate. NRAs are also required to report the basis of assets transferred to beneficiaries using Form 8971. Unlike residents and citizens, the exemption applied is incredibly small--$60,000 compared with a resident's exemption of $12,060,000 (2022)--making planning critical for these taxpayers.

The form itself can be deceiving. It is simply two pages and three parts. The number of required attachments and additional considerations increase the complexity of these filings. Determining which assets have U.S. situs and are included in the estate is tricky. Stock in a U.S. corporation is considered located in the U.S. when owned by a nonresident. Certain countries have estate and gift tax treaties with the U.S. The executor of the estate of an NRA from a treaty-based country must examine the applicable treaty to avoid double taxation and to determine which country has taxing rights. Trust and estate professionals working with multinational taxpayers need to understand how estates of individuals located outside the U.S. are taxed.

Listen as our panel of international estate tax experts explains the preparation of Form 706-NA and its other required forms, schedules, and attachments for nonresidents.

Outline

Filing requirements
Determining the gross estate
Deductions and the allowed exemption
Death tax treaties
Preparing Form 706-NA
Additional schedules
Form 8971
Closing letter
Obtaining and filing Form 5173, Transfer Certificate
Planning to reduce the taxable estate

Benefits

The panel will review these and other critical issues:

How U.S. estate and gift tax treaties affect the determination of the taxable estate of an NRA
How a nonresident obtains and files Form 5173, Transfer Certificate
What assets are included in the gross estate of an NRA
What deductions can be taken on Form 706-NA

NASBA Details

Learning Objectives

After completing this course, you will be able to:

Identity deductions that are allowed on Form 706-NA
Determine how estate and gift tax treaties affect an NRA's estate
Decide when Form 706-NA is due
Ascertain which individuals are required to file Form 706-NA

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 estate, gift and trust taxation including various trusts types, the unified credit, and portability.

Strafford Publications, 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.