Virtual
Comprehensive Passive Activity Losses (PAL) 2024
Date: Dec. 5, 2024
Time: 8 a.m. – 3:30 p.m. PT
Overview
Passive Activity Loss (PAL) rules have never been more critical in Federal tax reporting. This course provides a comprehensive and complete review of the laws and regulations impacting PALs, including the rules governing rental real estate, grouping and the 3.8% net investment income tax. Learn what qualifies as a passive activity and the rules governing its application by exploring several recent court cases and the existing regulations to know how the IRS views this critical area of the tax law. The IRS is actively auditing the failure to report passive losses properly. You and your clients can’t afford to be left behind.
Product Code
1000002887-126125
Credit Type
CPE: 8CFP: 8CPE-Technical: 8CTEC-TX: 8IRS-TX: 8MCLE: 6.5MCLE LS-TX: 6.5Accessibility
Closed Captioning Available
Intended Audience
Tax professionals, CPAs, accountants, and other financial professionals looking to expand and update their understanding and knowledge.
NASBA Field of Study
Taxes
Level of Difficulty
Intermediate
Prerequisites
General knowledge of individual/business income taxation and how they relate to passive activity laws.
Advance Preparation
None.
Learning Objectives
Major Subjects
- Overview of the four loss limitation rules and how the PAL rules interact with the other limitations
- Definition of a PAL including a detailed review of the 7 determining factors contained in the Treasury Regulations with a review of several recent court decisions that interpret this regulation
- Impact of PAL rules on real estate ownership
- Learn the six Nonshelterable Passive Activity (NOPA) rules that act as anti-abuse rules to the PAL rules
- Discuss how the PAL rules impact tax credits
- Discuss tax elections and planning techniques associated with PALs
Other Dates
Faculty
Additional Details
This is a pre-recorded broadcast. The Instructor will be available to answer questions via the chat feature.