Passive Loss Issues With Schedule K-1s 2 Credits 2 Credits
Preparing and interpreting Form K-1 can be daunting even for experienced tax accountants. Proper completion of a client's federal Schedule K-1s to report a partner's share of a partnership's income, gains, losses, etc. has long presented challenges to tax advisers, particularly for specialized investment partnerships such as fund of funds or master limited partnerships. Changes to the Schedule K-1 beginning with the 2018 tax year may create additional complexity for partnerships and their tax advisers. The updated Schedule requires taxpayers to disclose the recipient partner's beginning share of partnership liabilities, as opposed to only the ending amount, which will help in tracking a partner's basis.
This CPE webinar will look at Passive activities and try to simplify the rules to make them easy! Passive activities have been around since the 1980s and tend to be a complex area of taxation. We will look at the general rules of passive activities and then look at the more complex issues such as grouping and proper tax planning.
This session will also cover the passive activity rules by explaining why they exist and their overall philosophy, describing their mechanics in terms attendees can understand, and illustrating planning strategies to use with clients.
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 2 CPE | Approved |
| Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00211-20-S) | 2 CE | Approved |
| Taxes for Annual Filing Season Program (AFSP) | 2 CE | Approved |
| Federal Tax Related Matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-00218) | 2 CE | Approved |
| Oregon Registered Tax Preparers (ORTP) | 2 CE | Approved |
| Certified Wealth Strategist (CWS) | 2 CE | Eligible |
| Certified Fiduciary and Investment Risk Specialist (CFIRS) | 2 CE | Eligible |
| Federal Tax Related Matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00211-20-S) | 2 CE | Approved |
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 2 CPE | Approved |
| Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00211-20-O) | 2 CE | Approved |
| Taxes for Annual Filing Season Program (AFSP) | 2 CE | Approved |
| Federal Tax Related Matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-00218) | 2 CE | Approved |
| Federal Tax Related Matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00211-20-O) | 2 CE | Approved |
| Certified Wealth Strategist (CWS) | 2 CE | Eligible |
| Certified Fiduciary and Investment Risk Specialist (CFIRS) | 2 CE | Eligible |
| Federal Tax Related Matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00211-20-O) | 2 CE | Approved |
Credits
2
Credits
2
Course Level
Basic
Instructional Method
QAS Self Study
Group Internet Based
Pre-requisites
None
Advance Preparation
None
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 aintenance 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, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC 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.com.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC, in accordance with the standards set forth in Circular 230 section 10.6, grants Continuing Education (CE) credits based on a 50-minute hour. MY-CPE LLC is approved by the California Tax Education Council (CTEC) (Provider Number – 6273) to offer continuing education courses that count towards the annual continuing education requirement for CTEC Registered Tax Preparers. Additional information regarding registration as a tax preparer can be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free at (877) 850-2832, or by visiting www.ctec.org.
Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the AICPA’s Tax Executive Committee. Nicholas is an adjunct professor at the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).
What is Self Study (QAS)?
Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.
How do I earn CPE credits through self-study?
To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.
Are the self-study courses approved by NASBA and other regulatory bodies?
Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.
What are the requirements to maintain compliance with self-study courses?
To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.
How can I access my course completion certificates?
After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
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We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
What is a Live Webinar Group Internet-Based Credit?
A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.
How do I earn credits through live webinars?
To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.
Are the live webinars approved by NASBA and other regulatory bodies?
Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.
What are the requirements to maintain compliance with live webinar courses?
To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
How can I access my webinar completion certificates?
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
How are credits reported to governing bodies?
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
MG
It was great. The instructor has a nice style -- content was technically above average, but his demeanor is not too stuffy!
DK
Speaker was very knowledgeable. I find this topic to be complex and the speaker made me aware of new pitfalls.
Jul 07, 09:00 AM EDT
Jul 07, 10:00 AM EDT
Jul 07, 10:00 AM EDT
.webp "Annual Federal Tax Update - Individuals (Form 1040)")
Jul 07, 10:00 AM EDT
Jul 07, 10:00 AM EDT
Jul 07, 10:00 AM EDT
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