Now more than ever, every business owner and real estate investor must determine if they materially participate in any and all trades or businesses, because there are potential implications for the net investment income tax. These extremely complicated rules require an in-depth understanding of election and planning issues that CPAs need to know. The IRS has been very aggressive in audits under the passive loss rules.
- A survey of the 300 pages of regulations under the passive activity loss rules
- Understanding and substantiating material participation
- An in-depth discussion of when you may or may not make an aggregate election for activities
- What does it mean to qualify as a real estate professional?
- How do taxpayers fail in their quest for real estate professional status?
- Understand the passive activity rules on a much deeper level
- Discuss tax planning issues on these topics with clients
CPAs in public accounting who deal with complex individual tax returns
Five or more years in public accounting working on complex individual tax returns