CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

All New and Current customers who purchase the Premium, Plus, or Core (Total Value Package) 2021 Federal Tax Update or the 2021 Federal and California Update will get the Tax Advisory Complement Bundle for free.

NOTE:

  • New Federal Tax Update customers will get an immediate email with a coupon code for the free course once their Tax Update purchase is complete.
  • Current Customers that purchased the Premium, Plus, or Core (Total Value Package) 2021 Federal Tax Update will get an email with a coupon code to get the Tax Advisory Complement Bundle for free.

Passive Loss & At-Risk Rules

Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
3 Credits: Taxes

Course Description

With the adoption of the passive loss limitation rules, taxpayers are looking to CPAs for guidance related to what deductions are allowed, disallowed, or suspended. Updating practitioners on the practical aspects of §469, this course addresses the needed skill to handle these pragmatic issues. Fundamentals are reviewed, planning opportunities are identified, and creative strategies are discussed and evaluated along with remaining traditional approaches. The goal of this instructive course is to understand and solve client problems under §469, with emphasis on tax savings ideas. Participants will learn to master the proper administration of these complex and often cumbersome provisions.

Learning Objectives

Upon successful completion of this course, participants will be able to:

  • Identify affected taxpayers, categories of income and loss and passive losses under §469 and necessary §469 calculation steps and specify the §469 & §1211 limits and the ordering and suspension of any disallowed losses.
  • Recognize a taxpayer’s material participation in an activity by:
    • Identifying the material participation tests and their application to entities such as partnerships and corporations;
    • Specifying the activity grouping rules noting exempt activities;
    • Determining passive activity particularly, the treatment of rental activity as passive; and
    • Identifying “nested” activities.
  • Identify special passive loss rules and calculations by:
    • Determining alternating use affects on amount realized and adjusted basis and citing additional loss limitations outside of §469;
    • Recognizing requirements for the special $25,000 allowance; and
    • Specifying recharacterization rules and their purpose.
  • Recognize the passive activity audit guidelines identifying audit issues, determine the real estate rental activity credit exception, and cite the at-risk limit rules as they relate to §469.

Course Specifics

Course ID
8212743
Revision Date
January 14, 2021
Number of Pages
79
Prerequisites

General understanding of federal income taxation.

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01767-21-S
IRS Federal Tax Law Credits: 3
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1555
CTEC Federal Tax Law Credits: 3

Course Instructor

Danny Santucci Headshot
Danny Santucci, JD

Danny Santucci, BA, JD, is a prolific author of tax and financial books and articles. His legal career started with the business and litigation firm of Edwards, Edwards, and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines, and Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter, and Leanders in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law, and estate planning. Speaking to more than 100 groups nationally each year, he is known …

Danny Santucci, JD Read More »

Passive Loss & At-Risk Rules

Expert Instructors
Format
CPE CREDITS
3 Credits: Taxes

$87.00$107.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
3 Credits: Taxes

Course Description

With the adoption of the passive loss limitation rules, taxpayers are looking to CPAs for guidance related to what deductions are allowed, disallowed, or suspended. Updating practitioners on the practical aspects of §469, this course addresses the needed skill to handle these pragmatic issues. Fundamentals are reviewed, planning opportunities are identified, and creative strategies are discussed and evaluated along with remaining traditional approaches. The goal of this instructive course is to understand and solve client problems under §469, with emphasis on tax savings ideas. Participants will learn to master the proper administration of these complex and often cumbersome provisions.

Learning Objectives

Upon successful completion of this course, participants will be able to:

  • Identify affected taxpayers, categories of income and loss and passive losses under §469 and necessary §469 calculation steps and specify the §469 & §1211 limits and the ordering and suspension of any disallowed losses.
  • Recognize a taxpayer’s material participation in an activity by:
    • Identifying the material participation tests and their application to entities such as partnerships and corporations;
    • Specifying the activity grouping rules noting exempt activities;
    • Determining passive activity particularly, the treatment of rental activity as passive; and
    • Identifying “nested” activities.
  • Identify special passive loss rules and calculations by:
    • Determining alternating use affects on amount realized and adjusted basis and citing additional loss limitations outside of §469;
    • Recognizing requirements for the special $25,000 allowance; and
    • Specifying recharacterization rules and their purpose.
  • Recognize the passive activity audit guidelines identifying audit issues, determine the real estate rental activity credit exception, and cite the at-risk limit rules as they relate to §469.

Course Specifics

Course ID
8212743
Revision Date
January 14, 2021
Number of Pages
79
Prerequisites

General understanding of federal income taxation.

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01767-21-S
IRS Federal Tax Law Credits: 3
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1555
CTEC Federal Tax Law Credits: 3

Course Instructor

Danny Santucci Headshot
Danny Santucci, JD

Danny Santucci, BA, JD, is a prolific author of tax and financial books and articles. His legal career started with the business and litigation firm of Edwards, Edwards, and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines, and Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter, and Leanders in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law, and estate planning. Speaking to more than 100 groups nationally each year, he is known …

Danny Santucci, JD Read More »

Passive Loss & At-Risk Rules

Expert Instructors
Format
CPE CREDITS
3 Credits: Taxes

$87.00$107.00

Clear