Owners of S corporations and partnerships are subject to numerous limitations on pass-through losses. We’ll cover important concepts you can use in your daily practice. You’ll leave the course more comfortable with important principles that underlie tax practice.
What practical strategy can be employed to eliminate distributions in excess of basis? What practical factor most commonly causes S corporations to make distributions in excess of basis? In what order to the basis, at-risk, passive activity, and section 461(l) limits apply, and why is it important? In what circumstances do the at-risk rules have no effect on federal taxes? How can you tell whether a client has “qualified nonrecourse debt,” and what’s the significance of such debt? Can you group different partnerships (including LLC’s) together for purposes of defining the amount “at-risk”? What important changes were made to the net business loss (section 461(l)) limits by the CARES Act and the ARP Act? How can you restructure debt in order to provide an S corporation shareholder additional tax basis?
CPAs and tax practitioners.
Identify strategies to reduce distributions in excess or basis. Identify how disallowed net business losses are carried forward. Apply the recapture of losses rule under the at-risk limitations.
4.93 stars out of 5
“These 2 rock. [They are] prepared and knowledgeable.”
“George & Greg always do a great job! They are always super helpful.” - past attendees
George Koutelieris, CPA, is a shareholder with the firm Johnson & Shute P.S. He subsequently received his Master’s in Taxation from Golden Gate University graduating with Highest Honors in 2010 and being awarded the Outstanding Graduate Tax Student Award for the Seattle campus of Golden Gate. He is currently an Adjunct Professor at Golden Gate University teaching various tax courses. George’s practice includes planning and consulting on complex transactions including formations, liquidations, mergers and acquisitions, purchase and sales, multi-state and international tax for closely held businesses and their owners. In addition, George provides compliance and representation services before the IRS and various state taxing agencies for clients. George is also an active speaker on various tax topics, having presented in the past for Golden Gate University, the Washington Society of Certified Public Accountants, and the Oregon Society of Certified Public Accountants. George Koutelieris and Greg White are available to teach in-house courses in tandem for company CPE needs.
Non-Member Price $94.00
Member Price $79.00