This comprehensive training is designed to get the accountant up-to-speed quickly with the complex passive activity loss (PAL) rules that apply to certain investments in trades or businesses and rental activities. The cornerstone of the course is the in-depth coverage of the detailed tax law and regulations applicable to passive activities under IRC §469 and how and when the 3.8 percent net investment income tax under §1411 applies.
Once participants have completed this session, they should be able to * Identify what activities are subject to the PAL rules and the exceptions to them including those for certain real estate professionals * Define a passive activity, rental, and trade or business under IRC §469 * List the seven ways to materially participate in an activity and the six exceptions to the definition of a rental activity * Calculate the passive activity income and losses allowed and the tax ramifications of passive activity dispositions * Recognize what passive activity investments are potentially subject to the 3.8 percent net investment income tax under IRC §1411
* Each attendee will receive the most comprehensive passive activity reference manual with numerous practice aids and real-world examples * Topics include but are not limited to * Detailed coverage of the Tax Cuts & Jobs Act (TCJA) affecting passive activities and rental real estate (i.e., new 20 percent qualified business income deduction (QBI)) * How the PAL rules apply to rental real estate activities and investments in S-corporations and partnerships * How the 3.8 percent net investment income tax under §1411 applies to passive activities * Definition of an activity and the activity grouping and disclosure rules * Real estate professional exception to the PAL rules for investments in nonpassive rentals * Special $25,000 loss allowance for rental real estate with active participation * Material participation safe harbor rules * Events that trigger suspended PALs * Limitations on tax credits generated by passive activities * Special rules that recharacterize passive income to nonpassive income
Who Should Attend
Tax professionals who need an in-depth training course on the passive activity loss rules and how they apply to certain investments in trades or businesses and rental activities
Basic understanding of business and individual income taxation
Additional Event Information
Contact NCACPA if you need assistance with your online program. For the quickest results, email the Online Learning Team at [email protected], and a team member will contact you shortly.
If you need assistance with internet access issues, browser capability, or when the NCACPA office is closed* please call Freestone Technical Support at 866-702-3278 or by email at [email protected].
*NCACPA office hours are 9:00 am–5:00 pm ET. Online Learning Team members will be available via phone or email 30 minutes prior to the start of a live online program.
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