Reporting Charitable Bequests On Form 706 And Form 1041

  • 01:00 PM ET | 12:00 PM CT | 10:00 AM PT | Duration: 120 Minutes | Live
  • Credit: IRS Credits: 2.0 | NASBA Credits: 2.0| Product Code: WEB00462
Contact Person Klaralee R. Charlton
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Webinar Instruction will be emailed on your registered email address 3 days prior to webinar | Web Download / e-Transcript will be shared in 7 working days from the date of webinar

Charitable bequests are a cornerstone of many estate plans, yet improper drafting or reporting can significantly reduce the intended tax benefits or create compliance risk. This course guides tax and accounting professionals through the complex rules governing charitable bequests reported on the federal estate tax return (Form 706) and the fiduciary income tax return (Form 1041). Participants will examine how specific bequests, property transfers, and residuary charitable interests are treated for estate and income tax purposes.

The course addresses percentage‑based charitable residuary bequests, circular calculations on Form 706, and the requirements for claiming charitable income tax deductions on Form 1041. Emphasis is placed on common reporting pitfalls, coordination with governing documents, and best practices for maximizing charitable deductions while remaining compliant with IRS rules.

Course Outline:

  • Types of charitable bequests and their tax treatment
  • Reporting charitable transfers on Form 706
  • Calculating deductions for percentage‑based residuary bequests
  • Charitable income tax deductions on Form 1041
  • Common post‑death reporting errors and IRS challenges
  • Best practices for estate and fiduciary charitable reporting

Learning Objectives:

  • Differentiate between specific and residuary charitable bequests for federal estate tax purposes
  • Calculate allowable charitable deductions when preparing Form 706
  • Analyze eligibility for charitable income tax deductions on Form 1041
  • Apply IRS rules to percentage‑based charitable residuary bequests
  • Identify drafting and reporting practices that maximize charitable deductions and minimize risk

Who Should Attend:

This course is designed for professionals involved in estate and fiduciary tax planning and compliance.

Credits and Other information:

  • Recommended CPE credit – 2.0
  • Recommended field of study – Taxes
  • Session Prerequisites and preparation: None
  • Session learning level: Basic
  • Location: Virtual/Online
  • Delivery method: Group Internet Based
  • IRS Course ID: PJGWS
  • Attendance Requirement:  Yes
  • Session Duration: 2 Hours
  • Case Studies and Live Q&A session with speaker
  • PowerPoint presentation for reference

Who Will Benefit:

  • CPA
  • Enrolled Agents (EAs)
  • Tax Professionals
  • Attorneys
  • Other Tax Preparers
  • Finance professionals
  • Financial planners
Coder Archives 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. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
 
Speaker Profile:
Klaralee Charlton is a Shareholder with Katz, Look & Onorato, P.C. where she practices fiduciary tax, estate administration, and business transactional law. As part of her practice, Ms. Charlton guides clients through the process of administering a loved one’s estate including the collection, valuation, management and transfer of assets including financial accounts, real estate, and business interests with a focus on minimizing estate and income tax liability. She also works closely with trustees of ongoing trusts to ensure compliance and prepares clients’ fiduciary income tax returns annually.
Klaralee has written and lectured on topics including estate and gift tax, fiduciary income tax reporting and U.S. regulations governing the valuation of small family businesses. She previously served as Chair of the Colorado Bar Association, Tax Section and President of the Greater Denver Tax Counsel Association. She earned her J.D. from the University of Utah, S.J. Quinney College of Law, her LL.M. in Tax Law from the University of Denver, and her B.A. in political science from Bryn Mawr College. She is admitted to practice in both Colorado and Montana.
IRS Credits
NASBA Credits
1. Are your providing Online Continuing Education Credits?

We are approved to provide CPE/CE credits to Tax Professionals

  • IRS
  • NASBA
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