Estate, Gift, and Generation-Skipping Transfer Taxes
This session highlights the federal tax issues associated with estate and gift tax issues. Under current rules, few taxpayers are subject to estate and gift taxes given the doubling of the Unified Tax Credit (UTC) by the Tax Cuts and Jobs Act of 2017. But the UTC is due to return to the pre-2017 figures adjusted for inflation in 2026. In addition, there is sentiment by the president and some members of Congress to reduce the UTC even further. Hence, tax planning before 2026 may be something to consider at this time.
- Review of the estate tax.
- Review of the generation-skipping transfer tax.
- Present the portability issue of the unused unified tax credit.
- Discuss the relevant forms associated with the estate and gift taxes.
- Introduce tax planning considerations.
- Discuss the penalties assessed to taxpayers and tax preparers.
- Introduction to Estate Tax (Gross Estate, Deductions, UTC, Other Credits)
- Generation-Skipping Transfer Tax
- Form 706
- Forms 1040 and 1041
- Taxpayer and tax preparer penalties
Clients generally feel that estate tax issues are a thing of the past. But tax planning may be a wise move before the TCJA rules sunset or before legislation is introduced to reduce the current high exclusion limits.
- Tax accountants
- Enrolled Agents
Tony Curatola’s area of research interest is the taxation of employee benefits. He has authored over 230 articles in his field and has completed sponsored research for several organizations. His findings have appeared in media such as Forbes, The Washington Post, Wall Street Journal, and The New York Times. He is the editor of the tax column for Strategic Finance, past editor of the Journal of Legal Tax Research. He holds a variety of leadership positions and currently serves as chair emeritus of the IMA Research Foundation. Tony earned his BS and MBA (finance) from Drexel University, MA from the Wharton School of the University of Pennsylvania, and PhD from Texas A&M University.
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