Tax Strategies for Passive Activities

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Course Description
Course Qualification
Presenter
FAQ

Course Description

Overview

What is not passive?

12 mins
Material participation 7 tests

23 mins
Self-Rentals

42 mins
Why do we care?

60 mins
Material participation - Grouping

86 mins

Course Description

Passive activities have been around since the 1980s and tend to be a complex area of taxation.

A passive activity is an activity that a taxpayer did not materially participate in during the tax year. The Internal Revenue Service (IRS) defines two types of passive activity: trade or business activities to which the taxpayer did not actively contribute, and rental activities.

Unless the taxpayer is a real estate professional, rental activities usually provide passive streams of income. The IRS defines material participation as involvement in the activity of the business on a regular, continuous, and substantial basis.

Passive activity rules apply to individuals, estates, trusts, closely-held corporations, and personal service corporations.

This CE/CPE tax course will look at Passive activities and try to simplify the rules to make them easy!

It is important to differentiate between passive and active income for a lot of reasons. A taxpayer can claim passive losses against sources of income obtained from passive activities. Though it is not possible to claim the passive loss against active income. This correlates with the rules of passive activity loss established by the IRS.

Attendees in this CE/CPE webinar will look at the general rules of passive activities and then look at the more complex issues such as grouping and proper tax planning.

Learning Objectives

To analyze when passive determinations need to be made.
To discuss grouping elections for passive activities.
To implement tax planning strategies with passive activities.
To analyze how passive activities interact with net investment income tax.
To discuss calculation passive losses.

Recommended For

In this IRS Approved CE course for AFSP, CPA (US), EA, CTEC, Tax Professionals, and Other Professionals who want to help their clients in tax strategies for passive activities.

Who Should Attend?

Annual Filing Season Program
Bookkeepers & Accountants & Tax Preparers
CPA (Industry)
CPA - Mid Size Firm
CPA - Small Firm
Enrolled Agent
Maryland Tax Preparers
Oregon Tax Preparers
Tax Accountant (Industry)
Tax Firm
Tax Professionals
Young CPA

Course Qualification

Webinar Qualifies For

2 CE Credit for Annual Filing Season Program (AFSP)
2 CE Credit of Federal Tax Related Matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0819)
2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
0.2 CE Credit of Federal Tax Related Matters for Enrolled Agents (EA)
2 CE Credit of Federal Tax Related Matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00883-22-S)
2 CE Credit of Federal Tax Related Matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00883-22-S)
2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
2 CE Credit for Certified Wealth Strategist (CWS)
2 General Credit for Accountant/Bookkeeper (ACCT./BK)

Additional details

Course Level :

Basic
Credits :

2
Instructional Method :

QAS Self Study
Pre-requisites :

None
Advance Preparation :

None

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.

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.

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.

Presenter

About Presenter

Nicholas Preusch

Certified Public Accountant (CPA), Nicholas Preusch

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).

Faq

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