CLE on the Estate and Gift Tax Audits

The Illinois State Bar Association is offering a 1 MCLE Hour teleseminar entitled, TELESEMINAR: Estate and Gift Tax Audits – A National Perspective, on January 29, 2013 at 12:00-1:00 pm. The keynote speakers at the event are Keri D. Brown and Jennifer Pratt. Below is a description and highlights of the event as provided by the Illinois State Bar Association:

Every estate and gift tax return is reviewed by hand by IRS personnel and the agency continues to become more aggressive in challenging returns. Being chosen for examination can be a very time-consuming and costly process, putting a premium on understanding the process and preparing for the exam. It also highlights the value of understanding audit triggers and how returns are selected for exam in a bid to avoid audit in the first instance. This program will provide you with a practical guide to estate and gift tax audits, including audit triggers and how to reduce the risk of an exam, preparing for and advocating for a client once their estate is selected for audit, crucial attorney-client, evidentiary and statute of limitation concerns, and much more.

Highlights:

• Successfully defending estate and gift tax audits
• Avoiding audit in the first place – understanding audit triggers and how returns are selected for examination
• Practical guide to the audit process, timeframes, and deadlines
• Common issues on audit – FLP/FLLCs, defined value clauses, insurance policies and lifetime gifts
• Documentary preparation for an exam and drafting effective settlement proposals
• Important attorney-client privilege, statute of limitation, and evidentiary considerations