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Passive Activity Loss Limitations: Working with the Complex PAL Rules & Real Estate Tax Issues.

  • Accountant
  • CPA/ABV
  • AFSP
  • CRTP
  • CPA (US)
  • CVA
  • EA
  • ORTP
  • MRTP
  • CBA/MCBA
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

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. The passive income and loss rules create complex tax reporting, controversy, and confusion as to how various business and investment activities should be classified. For clients with real estate investments, it is often difficult to sort out which losses and expenses can be used to offset income. The focus on “passive” income and losses as distinguished from “active” income and losses has intensified greatly now as the new 3.8-percent Net Investment Income Tax (NIIT) has become effective and subjects passive income to this new tax

This online CPE seminar, presented by note author and tax educator, J. Patrick Garverick CPA, CFA will help participants understand the complications involved in offsetting income by applying losses from activities described as “passive.” He is an outstanding speaker and presenter, will provide straightforward explanations and helpful tips on this important topic, so clients can be advised with confidence. All tax professionals, tax preparers, accountants, attorneys, financial and estate planners who advise clients on critical tax, estate planning, and wealth management matters will benefit from this practice-oriented seminar. Time will be provided to ask questions directly to Mr. Siegel via email during the program.

This comprehensive training is designed to get the accountant up to speed quickly with the complex passive activity loss (PAL) rules that apply to certain investments in trades or businesses and rental activities. The cornerstone of the course is the in-depth coverage of the detailed tax law and regulations applicable to Passive Activities under IRC §469 and how and when the 3.8% Net Investment Income Tax under §1411 applies.
Each attendee will receive the most comprehensive passive activity reference manual with numerous practice aids and real-world examples. 

TOPICS COVERED

  • Detailed coverage of the passive activity rules under IRC §469 (and related regulations)
  • How the 3.8% net investment income tax under §1411 applies to passive activities and what is a trade or business rental is under §162
  • How the PAL rules apply to rental real estate activities and investments in S corporations and partnerships
  • Definition of activity and the activity grouping and disclosure rules
  • Real estate professional exception to the PAL rules for investments in non-passive rentals 
  • Special $25,000 loss allowance for rental real estate with active participation
  • Material participation safe harbor rules
  • Events that trigger suspended PALs
  • Limitations on tax credits generated by passive activities
  • Special rules that re-characterize passive income to non-passive income
  • What rentals are subject to self-employment tax under §1402


J. Patrick Garverick is one of the most admired and best-reviewed Tax Speaker in the country and we are offering the classes at a much-discounted price during the pandemic. His courses have been best-reviewed time and again 

  • For Quality of Content
  • For Relevance and Practical Case studies
  • For Best Teaching Approach
  • For Best Course Material

Awards and Accolades

  • Award for Instructor Excellence for California Education Foundation
  • Award for Outstanding Course materials for California Education Foundation.
  • Rated top tax instructor in nearly every location he has presented 
  • One of the few instructors to have received perfect scores (multiple times) from attendees for both presentation skills and knowledge. 

After registering for this webinar you will get Free E-Book worth $200. The book would be emailed to you, a day before the webinar on your registered email address on myCPE. The book is copyright protected. 

Learning Objectives

  • To Identify what activities are subject to the PAL rules and the exceptions to them including those for certain real estate professionals
  • To define a passive activity, rental and trade or business under IRC §469
  • To identify the seven ways to materially participate in an activity and the six exceptions to the definition of a rental activity
  • To calculate the passive activity income and losses allowed and the tax ramifications of passive activity dispositions
  • To recognize what passive activity investments are potentially subject to the 3.8% net investment income tax under IRC ​ §1411

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Bookkeeper
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 8 CPD Credit for Accredited in Business Valuation (ABV)
  • 8 CE Credit of Taxes for Annual Filing Season Program (AFSP)
  • 8 CE Credit of Federal Tax Related Matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0161)
  • 8 CRE Credit for Certified Financial Examiner (CFE)
  • 8 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 8 CE Credit of Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00071-19-O)
  • 8 CPE Credit for Certified Valuation Analyst (CVA)
  • 8 CE Credit of Federal Tax Related Matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00071-19-O)
  • 8 CE Credit of Federal Tax Related Matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00071-19-O)
  • 8 CPE Credit for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 8 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 8 CE Credit for Certified Wealth Strategist (CWS)
  • 8 General Credit for Accountant/Bookkeeper/Tax Professionals

Additional details

  • Course Level :
    Intermediate
  • Credits :
    8
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) 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, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

J. Patrick Garverick, CPA (US)

Owner, The Garvs, LLC

Pat Garverick is a Certified Public Accountant who currently lives in the Phoenix, Arizona area. He began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Mr. Garverick began operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country.

In addition to being a CPA, Pat is also a Certified Financial Planner (CFP®). This role serves to enhance the knowledge he brings as he writes and presents continuing education material. Mr. Garverick is a member of the Arizona Society of Certified Public Accountants and the American Institute of Certified Public Accountants. Pat has presented continuing education sessions throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. His knowledge, expertise, and high energy have made him one of the profession’s most highly rated speakers. He is in a very small group of instructors that are both extremely knowledgeable and interesting.

During his time in college, Pat earned a letter as a member of the Ohio State Basketball squad. He remains a staunch supporter of the sports programs at his alma mater.

Awards & accolades

  • Multi-time winner of the California Education Foundation’s 1) Award for Instructor Excellence and 2) Award for Outstanding Course materials
  • Rated top tax instructor in nearly every location he has presented 
  • One of the few instructors to have received perfect scores (multiple times) from attendees for both presentation skills and knowledge. 

About Company

The Garvs, LLC

thetaxu.com/

Since 1993 award winning author and instructor J. Patrick “Pat” Garverick, CPA, MT, CFP® has been providing tax and financial training educational courses to business professionals through out the country.  Pat is recognized as one, if not THE best tax instructor in the country.

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
  • Polling feature Not supported: If you are logging in through browser or web portal in the browser (zoom.us) it doesn’t support the polling feature. Please be advised the current polling feature can only be supported via Zoom desktop and mobile app. You can check the same here : https://support.zoom.us/hc/en-us/articles/203749865-Polling-for-webinars
  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.6

133 Ratings

Excellent

88

Very Good

35

Average

9

Poor

1

Terrible

0

FM

Flo Meadows, CPA (US)

Dec 7th, 2021

The instructor has great way of presenting and using multi media approach. He is very organized and easy to follow. His presentation style is flawless and very enjoyable . Thank you for sourcing this presenter. Would sign up for his courses again and again.

JB

Jeffrey Browning, CPA (US)

Sep 24th, 2020

The presenter was terrific. Material covered was very complete and really worth the price. This quiz was extremely difficult and just too much to ask of attendees.

KL

Kenneth Lenz, CPA (US)

Mar 15th, 2022

This course was very detailed, which I found quite helpful on a topic that many fellow CPAs often find difficult to parse.

RG

Ryan Graves, CPA (US)

Dec 25th, 2020

the instructor was great to listen to & gave great examples to help me understand.

DR

Digna Robles

Feb 1st, 2022

The instructor was very knowledgeable and very detailed in teaching the class.

Passive Activity Loss Limitations: Working with the Complex PAL Rules & Real Estate Tax Issues.

PREMIUM

8 Credits

Subject Area

Taxes

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