Four Tiers Of Loss Limitiations: A Guide To The New Rules [FTL4]

Sep 20, 2019
Time: 08:00am-11:30am

Subject:

Taxation

Credit Hours:

4.00

Price:

Member: $150.00
Non-member: $225.00

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Discussion Leader:

Susan Smith, CPA    more info

Susan Smith manages her own firm specializing in tax planning for individuals and business owners and is also a frequent speaker at tax conferences. Smith was a Senior Manager in the tax departments of Price Waterhouse and Peat Marwick (the predecessor of KPMG). While at Price Waterhouse, she also held the national specialist designation for the real estate and partnership tax practices. During her time at Peat Marwick, Smith led the real estate and tax practices locally. She was an associate adjunct professor at Widener University in the master's taxation program. Her ratings have consistently exceeded 4.7 on a scale of 5.0. Smith is a two-time recipient of the James L. McCoy Discussion Leader of the Year Award for excellence in teaching. Smith earned her Bachelor of Business Administration degree with an accounting concentration, from the University of Toledo.

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Website registration for this course closes on September 13, 2019. To register after this date please contact the society at akcpa@ak.net or 907-562-4334.

Full Description

Four Tiers Of Loss Limitations: A Guide To The New Rules For Pass-Through Entities (FTL4)

September 20, 2019

Westmark Fairbanks Hotel
813 Noble Street
Fairbanks, AK

LATE REGISTRATION POLICY
For registrations received less than 21 days from the course date will be charged a late fee of $50 for each 8 hour course and $25 for each 4 hour course and $12.50 for each 2 hour course.

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.

Major Topics:
- Tier 1: Basis limitations for S corporation shareholders and partners
- Tier 2: 465 at-risk limitations for S corporation shareholders and partners, including the impact of debt, indemnities, guarantees, and shareholder/ partner agreements
- Tier 3: 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 461(l))

Learning Objectives:
- 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 465, and the resulting loss disallowance and carryforward related to basis that is not at-risk
- Define passive activities under 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

Designed For: 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.

CPE Credits: 4, Taxation

Level of Knowledge: Intermediate

Prerequisite: Basic familiarity with loss allowance rules of pass-through entities

Acronym: FTL4

Discussion Leader: Susan Smith, CPA