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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
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
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:
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).
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.
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
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.