Form 706
Form 706 Preparation Services – Expert Guidance from Presti & Naegele
Navigating Form 706 is complex, but with Presti & Naegele, it doesn’t have to be. If you're responsible for filing a federal estate tax return, precision and compliance matter—and our experienced accounting firm delivers both. With over 40 years of tax expertise, we ensure every Form 706 is prepared accurately, timely, and with a strategy that protects your financial interests.
What Is Form 706 Used For?
Form 706, officially known as the United States Estate (and Generation-Skipping Transfer) Tax Return, is used to calculate the federal estate tax owed by the estate of a deceased U.S. citizen or resident. It also allows estates to claim deductions and credits that may significantly reduce the overall tax burden.
Our team handles the entire process, including identifying all assets, valuing the estate, documenting deductions and charitable contributions, calculating tax liability, and preparing and filing the return. Presti & Naegele provides clarity during an emotionally and administratively overwhelming time, allowing you to focus on what truly matters.
What Is the Threshold for Filing Form 706?
Form 706 must be filed when the gross estate, plus adjusted taxable gifts and specific exemption allocations, exceeds the IRS threshold—which for recent years has been over $13 million. But estate tax laws evolve, and misinterpreting the threshold could lead to unnecessary penalties or missed planning opportunities.
At Presti & Naegele, we stay ahead of IRS updates and provide detailed guidance tailored to your specific situation. Whether you're certain the threshold applies or unsure if a filing is necessary, our proactive tax advisors ensure you make informed decisions with confidence.
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Who Prepares Form 706?
Form 706 is typically prepared by an experienced estate accountant or tax advisor familiar with federal estate tax law, IRS filing standards, and valuation intricacies. At Presti & Naegele, this task is handled by seasoned CPAs and tax professionals who specialize in estate planning and compliance.
Unlike many firms that treat Form 706 as just another tax return, we approach it with strategic depth. Our preparation process is thorough, involving collaboration with attorneys and financial advisors to ensure your estate is protected from costly errors and unnecessary taxation.
What IRS Form Do I Use for Inheritance?
While Form 706 is used to report and calculate estate taxes, it’s often confused with other forms used in the context of inheritance. If you're receiving an inheritance and wondering about your reporting responsibilities, the answer depends on the nature of the inherited assets.
We help clients understand which forms apply—whether it’s Form 706 for the estate, Form 1041 for fiduciary income tax, or none at all if the inheritance isn’t taxable. With Presti & Naegele on your side, you'll never be left guessing about your obligations.
Why Choose Presti & Naegele for Your Form 706 Needs?
With Presti & Naegele, you get more than just accurate Form 706 preparation—you get strategic, empathetic, and proactive support from a firm that’s helped thousands of clients since 1982.
We offer:
- Deep experience in estate and trust taxation
- Strategic coordination with attorneys and financial planners
- Peace of mind during emotionally challenging periods
- Full transparency and prompt communication throughout the process
Clients return to us year after year not just because we’re knowledgeable—but because we care. Whether you're administering a high-value estate or navigating this for the first time, you can trust Presti & Naegele to handle your Form 706 with integrity, expertise, and compassion.
Frequently Asked Questions
Is Form 706 required for every estate?
No, Form 706 is only required if the estate's value exceeds the federal estate tax exemption threshold for the year of the decedent's death. However, it may still be beneficial to file in some cases—for example, to elect portability for a surviving spouse. We help assess whether filing is required or advisable.
How long do I have to file Form 706 after someone dies?
Form 706 is due nine months after the decedent’s date of death, with a possible six-month extension if requested. Timely filing is critical, as delays can incur interest and penalties. Presti & Naegele ensures you meet all IRS deadlines without stress.
Can Form 706 be amended after filing?
Yes, Form 706 can be amended to correct errors or include additional deductions. However, amendments can trigger IRS scrutiny, so they must be handled with care. Our team manages both original and amended filings with precision and transparency.
How does Form 706 affect heirs?
Form 706 primarily concerns the estate, not individual heirs. However, its accuracy can impact the net value of inheritances. A well-prepared return maximizes deductions, reduces tax exposure, and protects heirs from future IRS complications.
What if the estate includes complex assets like real estate or business interests?
These assets require professional valuation and often complicate estate tax calculations. Presti & Naegele specializes in handling estates with real estate, privately held businesses, and other complex assets—ensuring every valuation and deduction is IRS-compliant and defensible.
Ready to Discuss Your Estate Tax Filing Needs?
Whether you need a full-service Form 706 preparation or simply expert advice on estate tax obligations, Presti & Naegele is here to help. Schedule a consultation today and experience what over four decades of trusted accounting and advisory excellence can do for you.
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