Quick links: Updates | New Items for this Year | Download Individual Guides | Notice to Readers
Form 709 - Gift Tax and Generation Skipping Transfer Tax
The IRS recently revised this form and the instructions requiring the following changes. On the form 709 Checklist item 510 has been deleted and Item 507 should read as follows:
Consider providing to the beneficiaries information on basis of the asset in the hands of the donor and gift taxes paid in order for them to adjust their basis in the assets received.
Fillable and Savable PDF Version
We are introducing a Fillable and Savable PDF version of the One-Click Option of the Practice Guides and Checklists. The forms in the PDF versions are exactly the same as they are in the original PDF versions except they can be filled in online and saved directly to a client file. However, this is only available as a PDF document. You will need the most recent version of Adobe Reader in order to use the new version.
The word versions remain the same.
We hope you will find this new version of the checklists beneficial and if you have any comments on them, please send us an email to firstname.lastname@example.org.
State Guides & Checklists are now posted
The 2010 State Guides and Checklists have been posted to the AICPA website. Please note that due to the timing of the passage of Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act Of 2010 (TRUIRJCA 2010), this practice guide has not been updated for any state tax changes made in response to the passage of TRUIRJCA 2010.
Filing Dates for State Returns
The IRS announced late in December that the Form 1040 filing deadline for 2010 returns is April 18, 2011. Some, but not all states conform their tax return filing due dates to the federal dates. Be sure to verify the due dates for the state returns you prepare this filing season.
E-filing Checklists are included in Checklists for Specific Forms
Many members have inquired about the fact that they are not finding an e-filing checklist in the 2010 Practice Guides and Checklists. Please note that the E-filing information in the 2010 Guides and Checklists is included in the checklists for specific forms rather that in a separate E-file checklist. For example, for individual returns, you will find the E-filing information in the 600 section of the Form1040 long and short checklists.
NEW ITEMS FOR THIS YEAR
Estate & Gift Tax:
The rules for 2010 on the estate and gift tax presented a significant challenge to our preparer and our reviewers as the IRS guidance to date is incomplete. Until the IRS provides additional guidance, there is insufficient information on which to base creating a checklist for the proposed carryover basis forms. We will be tracking these developments and will provide one when the IRS guidance is released. Please note these new forms in the estate and gift tax area:
For estates that were created in 2010, it is critical that all participants be aware of the tax impact of decisions that were made or that might be made by you, the executors, and other representatives of the estate until additional guidance is available. The task force created these statements to assist in that end.
Tax Exempt Organizations:
Last year we received many requests to add a 990-EZ Checklist due to the significant increase in the usage of this form. We hope this additional checklist is helpful.
DOWNLOAD INDIVIDUAL GUIDES BELOW:
NOTICE TO READERS
Tax practice guides and checklists are designed as educational and reference material for the members of the Tax Section and others interested in the subject. They do not establish standards or preferred practices. Although much thought and effort have gone into the development of these guides, they are subject to change. These practice guides are issued as drafts only, and you retain responsibility for their final content. Please review them carefully and make any changes necessary for your specific use.
Members of the 2010 AICPA Tax Practice Guides Task Force prepared these practice guides.
The members of the task force are listed alphabetically below:
James M. Littlefield, Chair
On behalf of the task force we would like to offer a special thanks to the reviewers:
Mary Kay Foss
Abraham Schneier, Senior Technical Manager
Crystal Briscoe, Administrative Secretary