Mastering Form 8582 Passive Activity Loss Reporting: An Advanced Program on Calculations, Grouping and Tying to 1040

Recording of a 110-minute CPE webinar with Q&A


Conducted on Wednesday, January 11, 2017
Recorded event now available


This webinar will provide tax advisers with an advanced guide to calculating and allocating passive activity losses. The panel will go beyond the basics on the passive activity rules and will offer a comprehensive, practical guide to mastering the complexities of calculating passive activity losses for reporting. The panel will review preparing schedules for tracking loss restrictions, carry-forwards, and grouping and allocating losses among multiple passive activities.

Description

The passive activity loss limitation rules have long challenged tax advisers and compliance professionals. Recognizing whether a taxpayer’s involvement in an activity rises to the level of “material participation” not only confuses taxpayers and their advisers but taxpayers’ positions are frequently subject to IRS examination and challenge.

Classifying an activity as active or passive is just one challenge facing tax advisers. Once the taxpayer’s activities have been identified as being subject to passive activity loss limitations, the tax adviser must accurately report those activities on Form 8582, including supplemental worksheets and disclosures.

Tax professionals must navigate available elections, ensure that the grouping of activities conforms to Treasury regulation rules, and maintain accurate suspended loss carry-forward schedules.

When a taxpayer has significant real estate investments, incorrectly sorting out which losses can offset ordinary income from business activities can have costly tax consequences. The IRS continues to focus on passive income and losses since the imposition of the 3.8% Net Investment Income Tax.

Listen as our experienced panel provides a comprehensive and practical guide to the mechanics of reporting passive activity loss limitations on Form 8582, using detailed illustrations and sample completed forms to offer useful tools for mastering the reporting mechanics of passive activity losses.

Outline

  1. Identifying passive activities to be reported on Form 8582
    1. Introduction
    2. Material participation rules
    3. Management and Investment Activities
  2. Rental Activities
  3. Grouping rules and available elections
  4. Real Estate Professional
  5. Practical Considerations
  6. Form 8582
    1. Worksheet 1, 2, and 3—real estate activities
  7. NIIT reporting issues

Benefits

The panel will explore such topics as:

  • Completing Form 8582 Worksheets
  • Properly coding passive activities, including real estate professional substantiation
  • Reporting passive activity losses from publicly traded partnerships
  • Grouping disclosure rules and regrouping activities to potentially meet the material participation standards for non-passive activity
  • NIIT calculations and exclusions

Learning Objectives

After completing this course, you will be able to:

  • Recognize proper reporting and preparation of Form 8582
  • Identify whether a taxpayer’s activity is “active participation”
  • Identify whether a taxpayer’s activity is “passive participation”
  • Determine accurate reporting for a suspended loss carry-forward schedule

Faculty

Robert S. Barnett, Partner
Capell Barnett Matalon & Schoenfeld, Jericho, N.Y.

Mr. Barnett practice encompasses business and tax planning, estate planning and federal and state tax dispute resolution, among other engagements. He is a frequent writer on tax topics for professional journals.

Albert Dumaual, Atty
Capell Barnett Matalon & Schoenfeld, Jericho, N.Y.

Mr. Dumaual’s areas of practice focus primarily on tax and estate planning. He received his LL.M. in Taxation from the NYU School of Law and his Juris Doctor from Touro College Jacob D. Fuchsberg Law Center, where he graduated cum laude. 


EA Credit

Enrolled Agent credit processing is available for an additional fee per person.

EA Processing $5.00


Recordings

Recorded Event

Includes full event recording plus handouts.

Note: Self-study CPE and EA credits are not offered on recorded events.

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Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

Program Materials

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Program Materials

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Strafford is a NASBA CPE sponsor and our live webinars qualify for CPE credits. They offer you a high quality, cost effective, and convenient CPE option, with no lost travel time or expenses.

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EA Credit

Strafford is an IRS approved continuing education provider and this course is approved for 2 enrolled agent (EA) credit hours.

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Customer Reviews

I appreciated the flow of the information offered and the ease at which I could follow the handouts.

Larry Bruck

WISS & Company

Excellent seminar! It was efficient and the important topics were covered at just the right pace; no time was wasted covering information that the participants already knew.

Rhonda G. Williams, CPA

Barraclough & Associates

I liked the concentration on specific issues and examples.

Edita Rimalovsky

Komisar Brady & Co.

The conference was technical, informative and presented at a good pace.

Krystal Ching

KMH

I liked the fact that there was more than one person presenting the material. It's nice to hear multiple perspectives.

Matt Bristow

Cover & Rossiter

or call 1-800-926-7926

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