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Passive Activity Loss Rules - The Pendulum, At Long Last, Is Swinging Back Our Direction


Total Credits: 4 including 4 Taxes - Technical

Average Rating:
   92
Categories:
ACPEN Industry Institute |  ACPEN Tax Institute |  Tax
Faculty:
Bradley Burnett, J.D., LL.M.
Course Levels:
Intermediate
Duration:
4 Hours
License:
Product Setting: Expires 40 day(s) after program date.

Dates


Description

Practitioners are increasingly reporting a surge in IRS audit activity enforcing the passive activity loss rules.  The pendulum of passive loss cases in the Tax Court, after decades, is swinging more favorably for the taxpayer.  How to make sense of it all?  This course enables the participant to compentently approach passive activity loss terrain to prevent trouble and create intended results.

Basic Course Information

Learning Objectives * To gain a working knowledge of and planning flair for the intricate passive activity loss rules for business and rentals * To learn the 5 step approach to framing any passive loss analysis, keeping good passive loss files (and records) and preventing tax losses from being temporarily or permanently
Major Subjects * Structuring and operating to avoid losses irretrievably being stranded as “passive”
 * Passive Activity Loss 5 Step Approach – How it saves souls from drowning in the abyss * What may and may not be grouped together – How grouping can win the battle or sink you * Fresh Start Regrouping Rules - The biggest thing to hit PAL rules since 1986
 * Why “non-passive” and “active” are not even close to the same thing * How the way a pass-through entity reports activities can protect or impale you * How the Tax Court is rewriting the material participation time log (or not) rules * IRS’ Passive Activity Audit Guide: Biases revealed and secrets told * Which hurdle do you jump over first? Basis, at-risk, PAL, NOL? Which second, third, fourth? * How to keep (and show your client how to keep) "off tax return" records to avoid disastrous passive activity train wrecks * Real estate professional – The “live for today” election – Every hand’s a winner, every hand’s a loser * Recharacterization rules: Navigating through the land mines to safety * Effects of various transactions between a closely held entity and its owner, including self charged interest, self charged rent and other self charged transactions * What do the passive loss rules have to do with estate planning anyway? * Timing, timing, timing and other freight train stories – a/k/a Why I want a “complete disposition” when I grow up

Course Materials

Faculty

Bradley Burnett, J.D., LL.M. Related Seminars and Products


Bradley Burnett practices tax law in Colorado. After undergraduate (Business Administration/Accounting) school and law (J.D.) school, he earned a Master of Laws in Taxation (LL.M.) from the University of Denver School of Law Graduate Tax Program. After stints at national and local accounting firms and a medium sized Denver law firm, he established his own law firm in 1990, He has delivered more than 3,300 presentations on tax law to CPAs, attorneys, EAs and others throughout all fifty U.S. states, Washington, D.C. and seven countries. Bradley served four years as adjunct professor at the University of Denver School of Law Graduate Tax Program, where he pioneered an employment tax course and occasionally pinch-hit in the IRS practice and procedure field. He authors and teaches tax materials for Commerce Clearing House (CCH), has received the Illinois Society of CPAs Instructor Excellence Award and five times has been the most requested, top-rated presenter at annual state CPA tax institutes. His seminar style is briskly paced delivery of practical insights with humor. 


Additional Info

Basic Course Information

Prerequisites None
Advanced Preparation None
Designed For Anyone desiring to gain an in-depth working knowledge of the passive activity loss (PAL) rules and how to avoid losses from being stranded as passive
Original Recording Date 06/02/2016
Yellow Book No
Course Developer Bradley Burnett Tax Seminars, Ltd.
Date Added to Catalog 05/19/2016

Additional Information

Complaint Resolution Policy Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).
Official Registry Statement

Business Professionals' Network, Inc. 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


Instructional Delivery Method Group Internet Based

Reviews

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1

Overall:      4.4

Total Reviews: 92

Comments

Jennifer M - Waco, Texas

"Great presenter - very easy to follow and great tools to use!"

KENNETH S - ABILENE, Texas

"The one presenter format is good for a short course like this"

Mary T - Wilmington, North Carolina

"Excellent course. Speaker obviously had a lot of relevant experience and had give the issues a lot of thought. Well organized and helpful with his 5 step approach."