Getting More Active with the Passive Activity Rules and the New Net Investment Income Tax

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Overview

8 Credits
IN-PERSON

Now more than ever, every business owner and real estate investor must determine if they materially participate in any and all trades or businesses, even if they make a profit or a loss, because of the new net investment income tax. These extremely complicated rules require an in-depth understanding of election and planning issues that CPAs need to know. The IRS has been very aggressive in audits under the passive loss rules and will now expand their investigation to include the new NII tax.

Objectives

Understand the passive activity rules on a much deeper level; Understand the new net investment income tax; Discuss tax planning issues on these topics with clients

Major Topics

  • A survey of the 300 pages of regulations under the passive activity loss rules
  • Understanding and substantiating material participation
  • An in-depth discussion of when you may or may not make an aggregate election for activities
  • What does it mean to qualify as a real estate professional?
  • Understanding the implications of the new net investment income tax
  • Pass-through entity issues and answers
  • Investment income, passive income, and capital gain income: separate categories create unique problems
  • What expenses are allowed against NII, and how do you calculate them?
  • Carryovers, NOLs, AMT, and other issues
  • Tax planning for AGI and minimization of this tax
  • Unique new tax issues of sales of S corporation stock or partnership interests

Designed For

CPAs in public accounting who deal with complex individual tax returns

Prerequisite

Five or more years in public accounting working on complex individual tax returns

Sessions

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Tuesday, November 4, 2014

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