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Overview of Loss Limitations; Family Office Partnership; Sale to Spousal Grantor Trust (COVID -19 Updated)

  • AFSP
  • CPA (US)
  • EA
  • Tax Preparer
  • Oregon Tax Prep.
  • CTEC

Course Description

First, business losses are subject to several limitations. In response to the 2020 COVID-19 pandemic, businesses or their owners may carry 2018, 2019, and 2020 losses back five years and get tax refunds.  We will go through a “big picture” review of the

  • net operating loss (NOL),
  • basis, at-risk, and passive
  • loss limitations and
  • how they affect income and self-employment tax.

The review will include whether taxpayers benefit from deducting losses currently or suspending them until they have higher earnings. We will also briefly discuss other doctrines under which taxpayers might get refunds relating to income reported in prior years that, in hindsight, should not have been taxed.

Further, we throw light on much-talked topic on how to structure family offices to try to deduct investment management fees, which generally have been disallowed under 2017 tax reform and really hadn’t been very beneficial before that in light of the 2% floor on miscellaneous itemized deduction and their total dis-allowance for alternative minimum tax purposes.

Finally, a sale to a spousal irrevocable grantor trust is an alternative to a sale to an irrevocable trust deemed owned by the seller, whether the seller is the grantor or the primary beneficiary. We will discuss the sale to a spousal irrevocable grantor trust and compare it to the other two strategies

Learning Objectives

  • To recognize how the net operating loss (NOL), basis, at-risk, and passive loss limitations work and relate to each other.
  • To recognize how these limitations interact with self-employment tax, in light of a 2020 Chief Counsel Advice.
  • To recognize how family office that is taxed as a pass-through entity has much more difficulty deducting various expenses than an office taxed as a C corporation (including an unreported 2018 Tax Court order on the former), together with cautions regarding how a C corporation is compensated.
  • To identify how proposed income tax regulations governing service partners complicate the design of such a profits interest from a practical cash flow viewpoint as well as a tax viewpoint, when allocating profits from an investment partnership to the family office.
  • To identify transfer tax and income tax consequences of a sale to a spousal irrevocable grantor trust.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounts Director
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • Entrepreneurial CPA
  • Finance Director
  • QB Pro Advisor
  • Risk Managers
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • Young CPA





Steve has a fountain of knowledge and made understanding the subject matter very simple. He explained it very well about the net operating loss and its effect.


The webinar provided some good guidance on tax reforms and a sale to a spousal irrevocable grantor trust


The webinar was outstanding! Such important information from such a knowledgeable source. His presentation reflected his considerable efforts to keep abreast of the fast-changing landscape and he really provided a valuable service to us all. Thank you


Excellent course. Able to accumulate a lot of information and prepare a concise presentation of income tax regulations complications


Great webinar!


Very good material presented.