Description
Owners of S-corporations and partnerships are subject to numerous limitations on pass-through losses, each with unique rules, applications, and complexities. With the increase in popularity of pass-through business entities, it is essential for CPAs to understand the complexities and interactions of these pass-through loss limitations.
Objective
* Analyze how basis in an ownership interest in a pass-through entity is established * Discuss how activity of the entity, distributions, and optional adjustments increase or decrease basis * Discuss when basis is "at-risk" under section 465, and the resulting loss disallowance and carryforward related to basis that is not at-risk * Define passive activities under section 469 and exceptions to the passive loss rules * Discuss when and how aggregation of activities should be used to avoid the passive loss rules * Analyze new §461(l) created by the Tax Cuts and Jobs Act of 2017 and understand the limitation calculation and resulting carryforward * Analyze the hierarchy of the loss limitations with examples of the application of the four tiers of losses and how they interact
Highlights
* Tier 1: Basis limitations for S-corporation shareholders and partners * Tier 2: Section 465 at-risk limitations for S-corporation shareholders and partners, including the impact of debt, indemnities, guarantees, and shareholder/partner agreements * Tier 3: Section 469 passive loss limitations and exceptions to the limitations * Tier 4: The new excess business loss limitation of the Tax Cuts and Jobs Act of 2017 (new section 461(l))
Who Should Attend
* Experienced practitioners who desire a refresher on loss limitations and an analysis of the new rules * Inexperienced practitioners who desire to learn the basics of all four pass-through loss limitations and their interactions in one course
Required Knowledge
Basic familiarity with loss allowance rules of pass-through entities
Advanced Prep
None
Event Speaker(s)
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 email 30 minutes prior to the start of a live online program.
Test Your System
You may test your system by clicking here. Please test your system to ensure you have the proper components installed.
Share This Event
Registration Fees
| Registration | Early Bird | Regular |
|---|---|---|
| NCACPA Member | N/A | $145.00 |
| Non-Member | N/A | $195.00 |
The North Carolina Association of Certified Public Accountants 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/.For information regarding refund, complaint, program cancellation or other policies, visit our Registration Policies page or call 800-469-1352.