Passive Losses Made Easy
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Course Details

Overview of Topics

  • Basic Rules of Passive losses deductions2 mins
  • Material participation tests for passive losses7 mins
  • In which conditions carryover passive losses can be deducted?22 mins
  • Various strategies for grouping37 mins
  • What are passive credits?43 mins
  • How can practitioners gain a more thorough understanding of passive activities vs. non-passive activities?51 mins

Why You Should Attend ?

Passive losses are one of the most confusing subjects for tax people. This webinar will help you understand passive losses and how to help your business or clients get tax returns correct and plan for possible issues that may arise.

Course Description

This webinar provides the understanding of IRC Section 469, which limits and controls any deductions for passive losses by the taxpayer.

IRC 469 is one of the most confusing sections in the IRC. In this presentation, we will take an in-depth dive into IRC 469 going into the complexities of the section. This webinar introduces which taxpayers are subject to the passive loss rule, clarifies separate activities from material participation and describes rental activities as they relate to passive losses. 

Further, this webinar describes the calculation for the phase-in and phase-out of passive losses and credits as well as other dispositions. We will also discuss items such as self-rentals, grouping elections, and other miscellaneous issues. We will also look at different tax planning strategies with passive losses that can help clients out.

HIGHLIGHTS OF THE WEBINAR
  • How the PAL rules apply to rental real estate activities and investments.
  • Definition of an activity and the activity grouping and disclosure rules.
  • Real estate professional exception to the PAL rules for investments in non-passive rentals.
  • Limitations on tax credits generated by passive activities.
  • Special rules that re-characterize passive income to non-passive income.

Learning objectives

  • Learn the in-and-outs of passive losses
  • Determine when to make grouping elections and what grouping elections you can make
  • Understand self-rental income and the different ways to avoid common traps
  • Obtain an in-depth understanding of real estate professionals
  • Learn how dispositions affect passive losses

About Presenter

Nicholas Preusch, CPA

Tax Manager,Nicholas Preusch, CPA

npreusch@pbmares.com

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 VSCPA’s Tax Advisory Committee and the AICPA’s Tax Practice and Responsibilities Committee. Nicholas is an adjunct professor with 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).

Nicholas Preusch, CPA, JD, LLM, is a tax manager with PBMares, LLP. 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 VSCPA’s Tax Advisory Committee and the AICPA’s Tax Practice and Responsibilities Committee. Nicholas is an adjunct professor with 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).


Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:30
  • Question 3 : 00:50
  1. Passive losses can only offset
  2. Carryover credits are freed up when a disposition is all of the following except:
  3. Which of the following is required to be a R/E Professional?
  1. PAL stands for
  2. How many hours are required to be real estate professional in real estate activities?
  3. How much time must a real estate pro spend in real estate activities compared to non-real estate activities
  4. Passive income is used to:
  5. Passive losses:

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  • myCPE self-study courses are online.
  • The self-study format allows you to access the material online 24/7 and study at your own pace.
  • As per NASBA guidelines, you have one year from date of registration to complete each program.
  • Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
  • Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.
  • These are Live recorded presentations converted into Self Study (On-Demand Videos).

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Reviews

4.5
(33)
55%
42%
3%
0%
0%
  • SK
    Sun Kim , CPA, EA
    Dec 24th 2019
    It was an interesting webinar from Nicholas. Very informative presentation - quick and yet practical. I loved your webinar. It is certain from the 1 Credit = 1 Meal program that charity is a matter of will. The content is really useful.
RC
ROBERT CROSBY , EA
Presenter did an excellent job
DK
DONALD KLINS , CPA
Speaker was very knowledgeable. I find this topic to be complex and the speaker made me aware of new pitfalls.
JK
Joseph Kiley , MBA, CPA
This was an excellent webinar, the material was well put together and covered a lot of relevant topics. The presentation was very good and the contents and handout was exceptional. The subtopics were relevant and precise to the expectations. It was a good webinar to earn CPE.
JB
JERRY BERGMAN
Great presentation, would be better if class was longer!!
JH
James Hite , EA
I would surely suggest the webinar to my colleagues. It has much value to offer.The webinar has very useful content. It was a great webinar as speaker covered a lot of my questions in the presentation itself. Excellent presentation with great inputs.

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  • Cost $10
  • CPE Credits 1
  • CE Credits 1
  • IRS Course ID GEHNZ-T-00033-19-S
  • CTEC Course ID 6273-CE-0003
  • Subject Area Taxes
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Recorded Date October 04 ,2019
  • Published Date November 12 ,2019
  • Who should attend? Enrolled Agent Finance Pros Tax Attorney Tax Practitioners Bookkeeper Accountant CFO/Controller Business Owner Others CPA - Small Firm CPA - Mid Size Firm CPA - Large Firm Accounting Firm Tax Pros CPA (Industry) Tax Firm CPA in Business Entrepreneurial CPA Finance Director Senior Accountant
  • Handout Material Download
  • Key Terms Download

On-Demand Webinars

Revenue – Five Steps to Recognition
Wednesday, July 29, 2020 View Details/Register
GUIDE TO DEPRECIATION UNDER THE TCJA
Wednesday, July 29, 2020 View Details/Register
PAYROLL FRAUD INFORMATION AND DISCUSSION
Wednesday, July 29, 2020 View Details/Register
Forecasting in a Time of Uncertainty (COVID-19)
Tuesday, July 28, 2020 View Details/Register
TAX IMPLICATIONS AND PLANNING DUE TO COVID-19
Tuesday, July 28, 2020 View Details/Register
UBIT Under The TCJA
Tuesday, July 28, 2020 View Details/Register
Tax Planning Under Tax Cuts & Job Act : 10 Tips to Reduce Taxes for your Clients
Tuesday, July 28, 2020 View Details/Register
Tax Consequences on the CARES Act – Overview of major tax issues from the CARES Act and related notice including planning tec
Monday, July 27, 2020 View Details/Register
CECL Overview
Monday, July 27, 2020 View Details/Register
Accounting for Business Combinations Overview
Monday, July 27, 2020 View Details/Register
Accounting Principle Changes
Monday, July 27, 2020 View Details/Register
CIRCULAR 230
Monday, July 27, 2020 View Details/Register
UNDERSTANDING THE ENTITIES: PLANNING AND COMPLIANCE
Monday, July 27, 2020 View Details/Register
BEYOND WORKING REMOTELY – CASE STUDIES | BENEFITS | CHALLENGES FOR ACCOUNTING & TAX FIRMS.
Friday, July 24, 2020 View Details/Register
Excel Accountant: Auditing Excel Workbooks
Friday, July 24, 2020 View Details/Register