Course Details

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ADDITIONAL DATES

Dec 15, 2020 | 03:00 PM EST Register

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

Webinar Qualifies for

  • 2 CPE credit of Taxes for all CPAs
  • 2 CE credit of Federal Tax for Maryland Tax Preparers
  • 2 CE credit of Federal Tax for Oregon Tax Preparers
  • 2 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273)
  • 2 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ )
  • 2 General Educational credit for Tax Professionals/Bookkeepers/Accountants

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.

About Presenter

Steve Gorin, CPA

Advisor, Thompson Coburn LLP

sgorin@thompsoncoburn.com

Steve has drafted trusts and a full range of estate planning documents for clients to help grow, preserve, and transmit their family wealth. He has also drafted organizational documents for limited liability companies, corporations, and partnerships to implement their owners' wishes regarding current and future control and transmission, including bringing in new owners and facilitating exit strategies. 

Steve enjoys helping clients structure their affairs to achieve their achieve their personal, business, and financial goals while trying to reduce the drag that taxes impose on them. His firm provides full service to businesses; however, he also act as counsel on specialized matters while cooperating and facilitating the continued involvement of an existing legal, accounting, and financial services team. Steve maintains his CPA license but prefer to refer income tax returns to practicing CPAs.

Steve Gorin is former president and an ongoing contributor to strategic initiatives of Covenant Place, a senior affordable housing community with a groundbreaking model for integrated residents with the surrounding community and facilitating holistic services to enrich their lives. 

To know more about Steve Gorin, kindly click on the link below:

http://thompsoncoburn.com/people/steve-gorin



For almost 90 years, Thompson Coburn LLP has provided the quality legal services and counsel our clients demand to achieve their most critical business goals. With more than 380 lawyers and 40 practice areas, we serve clients throughout the United States and beyond. Whether helping with a real estate or employment issue, navigating a complex acquisition or defending a product or service in litigation, we have the knowledge and resources to meet any legal need.

Here's a link to the free resources that Thompson Coburn has to offer:

https://www.thompsoncoburn.com/insights/blogs/business-succession-solutions/about

FAQ

  • To receive CPE credit for the event, you must register for the webcast prior to the start of each program.
  • CPE is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete webinar and respond to all polling questions asked during the webinar. CPE is 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
  • 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
  • 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 are Canadian Chartered Professional Accountant (CPA) many of our courses qualifies for your verifiable CPD requirements you will get your certificate for the program. You can check a tab of “Webinar Qualifies for” for the same.However please do verify with respective regulatory body about the eligibility for the same.
  • Many of our courses are approved by “CFP Board” for CE credits of certified financial Planner(CFP). Please check a tab of “Webinar Qualifies for” to verify whether webinar qualifies for CE credits for CFP or not.

Refund/Cancellation Policy

For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128

In case any of the course or live webinars gets cancelled we would be refunding you the entire amount (if paid).

Reviews

4.3
(155)
53%
31%
11%
5%
1%
  • MB
    Melvin Bernard
    Jun 10th 2020
    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.
DN
Dianne Nichols , EA
The webinar provided some good guidance on tax reforms and a sale to a spousal irrevocable grantor trust
VS
Varvara Salazar , CPA
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
RM
Rachel Mogul
Excellent course. Able to accumulate a lot of information and prepare a concise presentation of income tax regulations complications
CL
Cheryl Leichtman , CPA
awesome presentation thank you very much
LF
Lei Fang , CPA
I don't recall a presentation that was so important and so timely than this subject amidst all the changes and oftentimes, conflicting information abounding during the COVID-19 period.

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.

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

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.

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Thursday, December 03, 2020 | 03:30 PM EST View Details/Register
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Friday, December 04, 2020 | 10:00 AM EST View Details/Register
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  • Cost FREE
  • CPE Credits 2
  • CE Credits 2
  • IRS Course ID GEHNZ-U-00152-20-O
  • CTEC Course ID 6273-CE-0163
  • Subject Area Taxes
  • Course Level Basic
  • Instructional Method group internet based
  • Prerequisites None
  • Advanced Preparation None
  • Who should attend? Enrolled Agent Tax Attorney Tax Practitioners Accountant QB Pro Advisor CPA - Small Firm CPA - Mid Size Firm Accounting Firm Tax Pros CPA (Industry) Tax Firm Young CPA CPA in Business Entrepreneurial CPA Tax Accountant (Industry) Tax Director (Industry) Finance Director Senior Accountant Accounts Director Tax Managers Accounting Managers Risk Managers Tax Preparer Staff of Accounting Firm
  • Handout Material Download

upcoming Live CPE Webinars

Practical Guide to IRAs – Contributions & Distributions for Traditional, Roth, SEP & SIMPLE IRAs
Thursday, December 03, 2020 | 10:00 AM EST View Details/Register
Tax Updates Latest (Business & Payroll)
Thursday, December 03, 2020 | 10:00 AM EST View Details/Register
Complete CFO Guide on Analytics,Corporate Performance Management,Budgeting,Reporting
Thursday, December 03, 2020 | 08:00 AM PST View Details/Register
Annual Federal Tax Update - C & S Corporations, Partnerships & LLCs (Forms 1120, 1120S & 1065)
Thursday, December 03, 2020 | 08:00 AM PST View Details/Register
Excel Tips & Tricks: For every Accountant, CPA, Bookkeeper, Tax Professional, Auditor & Controller
Thursday, December 03, 2020 | 01:00 PM EST View Details/Register
How an Accountant can add a Revenue Stream - IRS Whistleblower Claims
Thursday, December 03, 2020 | 01:30 PM EST View Details/Register
How to enable data-driven decision making for your clients and eliminate inefficiencies in the expense management process
Thursday, December 03, 2020 | 02:00 PM EST View Details/Register
End User Management (Internal/External Collaboration) with Demo
Thursday, December 03, 2020 | 03:00 PM EST View Details/Register
TAX PRACTICE STANDARDS (ETHICS)
Thursday, December 03, 2020 | 03:30 PM EST View Details/Register
Corporate Revenue Accounts Review and Audit Best Practices
Thursday, December 03, 2020 | 04:00 PM EST View Details/Register
REGULATORY ETHICS GUIDEBOOK FOR CPAs: AICPA CODE OF PROFESSIONAL CONDUCT
Friday, December 04, 2020 | 09:00 AM EST View Details/Register
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Friday, December 04, 2020 | 10:00 AM EST View Details/Register
Comprehensive Guide to Identity Theft with case studies
Friday, December 04, 2020 | 10:00 AM EST View Details/Register
Fundamentals Concept of Trusts & Estates for Planning & Compliance
Friday, December 04, 2020 | 10:00 AM EST View Details/Register
Employment Law in a Nutshell – Guidance for your Business
Friday, December 04, 2020 | 10:00 AM EST View Details/Register