Stay current on tax issues that impact Illinois practitioners with on-demand programs that focus on practical planning and compliance. This collection includes sessions on estate and gift tax workflows and how key returns interact in real matters, including the relationship between Forms 709, 706, and 1041, plus topics like postmortem tax planning and basis reporting using Form 8971.
You will also find Illinois-specific tax planning coverage, including how Illinois estate tax differs from federal rules, how those differences affect planning decisions, and what to watch for when advising on domicile and Illinois estate tax exposure. For broader Illinois tax practice support, the Tax practice area also highlights resources like State and Local Taxation, which covers major tax types and Illinois tax procedures.
What are the effects of Forms 706 and 709 on Form 1041? This session will look at a sample completed Form 1041 and pinpoint areas of interest. Originally presented as part of Gift & Estate Tax Workshop: Forms 709, 706 & 8971 2025.
Learn about the areas of overlap and differences between federal and Illinois estate tax law. Learn about challenges you might face if you have no federal estate tax but have an Illinois estate tax. The discussion will also include issues with establishing or changing domicile, structuring an estate plan to minimize Illinois estate tax, and questions you should ask your clients to avoid future Illinois estate tax problems. Originally presented as part of Gift & Estate Tax Workshop: Forms 709, 706 & 8971 2025.
This session will give you some general advice on post-death tax planning, including information to help you with formal elections and estate administration decisions. Materials will include a checklist of elections and decisions to aid you in this process. Finally, there will be a discussion on using disclaimers. Originally presented as part of Gift & Estate Tax Workshop: Forms 709, 706 & 8971 2025.
Basis consistency (IRC §1014(f)) and new reporting requirements with regard to property the value of which is included in a decedent’s gross estate for federal estate tax purposes to be reported to the IRS on Form 8971 and provided to the recipients of the property on Schedules A (IRC §6035) were enacted July 31, 2015. This presentation will overview these new Code sections, the pending Proposed Regulations (and final regulations if issued prior to the presentation), and the new Form 8971 and Schedule A. Originally presented as part of Gift & Estate Tax Workshop: Forms 709, 706 & 8971 2025.
