Tax Loss Limitations Imposed on Individuals and Pass-through Entities
Live Virtual Seminar
3.00 Credits
Member Price $130.00
Price will increase by $50 on 11/16
Non-Member Price $190.00
Price will increase by $50 on 11/16
Overview
Tax practitioners advising their business clients must be fully informed regarding the multiple loss limitation provisions that apply to individuals conducting businesses and pass-through entities. This program covers the loss limitation rules that tax practitioners must know in order to advise their individual and pass-through entity clients fully and adequately as to when and if a loss limitation applies. The loss limitations discussed in this program start with an introductory discussion of hobby loss rules and graduate to a more substantive discussion of the remaining loss limitations: basis limits, at-risk rules, passive loss limits, excess business loss limits, net operating losses, and the Section 163(j) interest limitation. Knowing when loss limits apply is essential for any tax practitioner. This program will put you in a position to advise clients fully and intelligently regarding each of the loss limits.
Highlights
- How to calculate a partner or S corporation shareholder’s basis
- Form 7203 and an S corporation shareholder’s basis
- The at risk basis rules and Form 6198
- The passive activity loss limits
- The Section 461(l) loss rule
- The net operating loss limitation rules
- The Section 163(j) business interest limitation
Prerequisites
None
Designed For
Any practitioner who will be advising clients regarding taking losses from pass through entities
Objectives
- Recognize the impact of partner/S corporation’s shareholder basis on the ability to take losses
- Advise clients regarding the taking of losses from pass-through entities
Leader(s):
Leader Bios
John Evanich Jr.
John L. Evanich, Jr., CPA, is a retired tax partner, formerly with CohnReznick, LLP – the 10th-largest CPA firm in the country. For more than 40 years, John specialized in working with professional service businesses, LLCs, LLPs, and S corporations on tax planning and other tax matters important to them. John has represented taxpayers on hundreds of IRS appeals and court petitions. With over 40 years of experience in public accounting, John is a past president of the Connecticut Society of CPAs (CTCPA), a past member of their Board of Governors, and a former trustee of their Educational Trust Fund. He is also a former member of AICPA Council. Mr. Evanich has lectured and written extensively on tax issues, both locally and nationally. He is a member of the American Institute of CPAs. In 2015 and 2016, he received the Surgent Outstanding Discussion Leader Award because of his consistently high evaluations for knowledge and presentation skills. He has also served as chairman of many CTCPA committees, most notably the Federal Taxation, State Taxation, Public Relations, and Technical Consultation Services committees. John has also testified on tax matters of concern to middle- and upper-income taxpayers, as well as small businesses, before the Ways and Means Committee of the U.S. House of Representatives, as well as various Connecticut state legislative committees. Mr. Evanich received a bachelor’s degree in accounting with honors from the University of Bridgeport, Connecticut and completed all course work in the Master’s in Taxation program at Pace University in New York City.
Non-Member Price $190.00
Member Price $130.00