Webcast
Basic
CPE Credits
2 Credits: Taxes
Course Description
Since the enactment of the passive activity loss limitation rules in 1986, taxpayers and practitioners have been frustrated in attempts to have economic losses incurred in activities described as ‘passive’ offset income derived from other sources. This course deals with how the passive income and loss rules create complex tax reporting, controversy, and confusion as to how various business and investment activities should be classified. The course also addresses that for clients with real estate investments, it’s often difficult to sort out which losses and expenses can be used to offset income. Finally, the course discusses how the focus on ‘passive’ income and losses as distinguished from ‘active’ income and losses has intensified greatly now as the 3.8% Net Investment Income Tax (NIIT) has become effective.
Learning Objectives
Upon successful completion of this course, participants will be able to:
- Identify which activities are defined as passive and why
- Define and distinguish active and material participation
- Understand the interplay and planning impact of the 3.8% tax on net investment with the passive activity loss rules
- Determine how grouping of activities may overcome passive activity limitations
Course Specifics
|
Course ID WC18165718 |
Revision Date February 28, 2020 |
Prerequisites None |
Advanced Preparation None |
Compliance information
NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02237-22-O
IRS Federal Tax Law Credits: 2
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02237-22-O
IRS Federal Tax Law Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-0920
CTEC Federal Tax Law Credits: 2
CTEC Course Number: 2071-CE-0920
CTEC Federal Tax Law Credits: 2
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
CTEC Notice: California Tax Education Council DOES NOT allow partial credit, course must be taken in entirety. Western CPE has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone toll-free at (877) 850-2832, or on the Internet at www.ctec.org.
Course Instructor
Steven G. Siegel, JD, LLM, is president of The Siegel Group, which provides consulting services to attorneys, accountants, business owners, family offices, and financial planners. Based in Morristown, New Jersey, the Group provides services throughout the United States. Steven is the author of many books, including: The Grantor Trust Answer Book (2018 CCH); The Adviser’s Guide to Financial and Estate Planning(AICPA 2019); Federal Fiduciary Income Taxation (Foxmoor 2019); and Federal Estate and Gift Tax (Foxmoor 2016). He is also a co-author with Richard Oshins, Esq. of The Anatomy of the Perfect Modern Trust, Estate Planning Magazine January and February 2016. In conjunction with numerous tax-planning lectures he has delivered …
Passive Activity Loss Rules
CPE CREDITS
2 Credits: Taxes
$98.00
Webcasts are available for viewing Monday - Saturday, 8am - 8pm ET.
Webcast
Basic
CPE Credits
2 Credits: Taxes
Course Description
Since the enactment of the passive activity loss limitation rules in 1986, taxpayers and practitioners have been frustrated in attempts to have economic losses incurred in activities described as ‘passive’ offset income derived from other sources. This course deals with how the passive income and loss rules create complex tax reporting, controversy, and confusion as to how various business and investment activities should be classified. The course also addresses that for clients with real estate investments, it’s often difficult to sort out which losses and expenses can be used to offset income. Finally, the course discusses how the focus on ‘passive’ income and losses as distinguished from ‘active’ income and losses has intensified greatly now as the 3.8% Net Investment Income Tax (NIIT) has become effective.
Learning Objectives
Upon successful completion of this course, participants will be able to:
- Identify which activities are defined as passive and why
- Define and distinguish active and material participation
- Understand the interplay and planning impact of the 3.8% tax on net investment with the passive activity loss rules
- Determine how grouping of activities may overcome passive activity limitations
Course Specifics
|
Course ID WC18165718 |
Revision Date February 28, 2020 |
Prerequisites None |
Advanced Preparation None |
Compliance information
NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02237-22-O
IRS Federal Tax Law Credits: 2
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02237-22-O
IRS Federal Tax Law Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-0920
CTEC Federal Tax Law Credits: 2
CTEC Course Number: 2071-CE-0920
CTEC Federal Tax Law Credits: 2
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
CTEC Notice: California Tax Education Council DOES NOT allow partial credit, course must be taken in entirety. Western CPE has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone toll-free at (877) 850-2832, or on the Internet at www.ctec.org.
Course Instructor
Steven G. Siegel, JD, LLM, is president of The Siegel Group, which provides consulting services to attorneys, accountants, business owners, family offices, and financial planners. Based in Morristown, New Jersey, the Group provides services throughout the United States. Steven is the author of many books, including: The Grantor Trust Answer Book (2018 CCH); The Adviser’s Guide to Financial and Estate Planning(AICPA 2019); Federal Fiduciary Income Taxation (Foxmoor 2019); and Federal Estate and Gift Tax (Foxmoor 2016). He is also a co-author with Richard Oshins, Esq. of The Anatomy of the Perfect Modern Trust, Estate Planning Magazine January and February 2016. In conjunction with numerous tax-planning lectures he has delivered …
Passive Activity Loss Rules
CPE CREDITS
2 Credits: Taxes
Webcasts are available for viewing Monday - Saturday, 8am - 8pm ET.
$98.00