2019 Overview of Estate & Gift Tax 706 Preparer from Bloomberg Tax

From the 2019 reviews of professional tax preparation systems.

Bloomberg Tax offers numerous tools and resources designed for tax professionals that are required to file estate and gift tax returns for their clients. The Estate and Gift Tax Planner Solutions available include Estate & Gift Tax 706 Preparer, and Estate & Gift Tax 709 Preparer, both designed to save preparer time while offering accurate form preparation tools.

Both solutions are designed to be installed on-site on a desktop or network, and both products feature resources such as streamlined data entry capability, automated application help options, and spell check capability, and can prepare estate plans and presentations for clients, no matter how complex the estate may be.

Bloomberg Tax Estate and Gift Tax 706 Preparer automates IRS Form 706 preparation, including amended returns. IRS forms and schedules supported in the application include IRS Form 706, Form 8971, and Forms 706-CE, 56, 712, 2848, 4768, 8275, 8275-R, and 8822.

The product will automatically perform complex computations and calculations including federal estate tax and state death taxes, GST Tax, and allows for community property treatment of all assets; automatically blocking out one-half of the value for accurate calculation. The Interrelated Calculations Wizard can perform complex calculations, including Zero Federal Tax, Zero Federal and State Tax, and Interrelated Marital and Charitable deduction calculations.

Estate and Gift Tax 706 Preparer can also calculate charitable deductions for Split Interest Charitable Trusts, including CLAT, CRAT, CLUT, CRUT, and pooled income funds. The product is designed to reduce the amount of data entry required during the form preparation process by posting all form entries in the appropriate place in the return. The product will also automatically bypass irrelevant fields, and can automatically add any required schedules as needed.  

Estate & Gift Tax 706 Preparer allows users to link assets to a specific beneficiary, and will automatically calculate amounts and federal taxes allocated to the beneficiary.

Users can easily move assets from one schedule to another, and the product can also link specific assets to deductions on Schedule M or O for both marital and charitable bequests. The product  includes an overwrite option that will adjust calculated values while also highlighting any overridden fields. There is also a return history feature which allows users to view the complete history for any form processed in the application, including when a return was saved, and who saved it. 

Users can rest assured that all information is up to date on any return prepared, as Estate & Gift Tax 706 Preparer will automatically check the Internet at user-specified intervals to check for updates, and the Check Spelling feature helps to ensure that each return is prepared accurately, without potentially costly typos. Users can view all completed forms prior to printing to help ensure accuracy, and print set templates can be created to simplify completion of forms and related reports.

Bloomberg Tax Estate and Gift Tax 706 Preparer also includes a variety of help and support tools for product users including the ability to right-click on any form line to view detailed IRS instructions for that line. PDF versions of IRS form instructions and publications are available to users, and a Messages Pane displays both error messages and data validation messages. Users also have access to a user guide that offers installation instructions as well as FAQs that can answer a variety of questions. The Bloomberg Tax website also offers access to updatable tax rates, interim product releases, and a training schedule. Toll-free technical support is also included with the application.

Accounting firms that are interested in Bloomberg Estate & Gift Tax 706 Preparer can visit the vendor website for more information or to request a product quote.