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Course Details

Form 8582: Passive Activity Reporting And Impact Of 3.8% Medicare Tax

Webinar: ID# 1014556
Recorded CD
Qty:
About This Course:
This webinar will update tax advisors and return preparers on the key challenges and practical solutions for accurately preparing Form 8582. The panel will provide guidance and rules to minimize the impact of the 3.8% surtax and maximize permissible use of passive losses.

Description

Tax advisors and preparers are often stymied in accurately reporting decisions and passive loss computations on Form 8582, partially due to the complex calculations involved, which are required for both regular and AMT taxes.

While the rules for the new 3.8% federal investment income surtax add complexity, advisors also have opportunities to minimize the impact, including a provision for a one-time regrouping of passive activities. Reporting professionals must understand how to take advantage of these options.

Our panel will provide you with a drill-down on the passive activity rules coupled with lessons from their own experiences and best practices. The panel’s insights will guide you to avoid potential traps, minimize the tax consequences, and maximize the tax benefits.

Listen as our panel of veteran advisors offers compliance strategies for properly completing Form 8582, minimizing the bite of the Medicare surtax, and maximizing deductions within passive activity loss limitations.

Outline
  • Overview of federal passive activity rules

    • Material participation
    • 469 exception
    • Real estate

  • Latest developments

    • New 3.8% Medicare surtax
    • New procedures for late elections

  • Form 8582

    • Filling out the forms
    • Compliance best practices
Benefits

The panel will explore such topics as:
  • Completing Form 8582—and the key computations to arrive at correct data.
  • Avoiding common errors in completing Form 8582 for clients.
  • Taking advantage of opportunities with the new 3.8% Medicare surtax for taxpayers utilizing passive activities—and what tax advisors and preparers should do now.
  • Regrouping activities to potentially meet the material participation standards for non-passive activity.
Learning Objectives

Upon completing this seminar, you will be prepared to file Form 8582 with new and amended returns in accordance with the IRS regulations and guidance affecting federal passive activity loss rules and material participation. You will learn the key computations in completing Form 8582 correctly and how to take advantage of the opportunities for clients with the new 3.8% Medicare surtax.

The Presenters

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.

Damien R. Martin, Senior Tax Manager
Wolf & Company, Oakbrook Terrace, Ill.

Mr. Martin’s areas of expertise include tax preparation and consultation for closely-held corporations and their shareholders; estate and gift planning; tax planning for high-net worth individuals; business succession planning; multi-state and international taxation; and representation before the Internal Revenue Service and state tax authorities. He is a frequent lecturer and author on various individual and tax planning topics.

Doug N. Rubenstein, Director
Katz Sapper & Miller, Indianapolis

With over 20 years of experience, Mr. Rubenstein is a Director in the firm's Tax Department and Real Estate Services Group. He advises clients in a wide variety of accounting, tax and business matters. Mr. Rubenstein has extensive experience in tax planning, tax compliance, financial statement analysis, and forecasts and projections, in addition to managing business issues specific to the real estate industry.


CPE Credits Available!

This program has been approved for 1.5 CPE hours through Strafford Publications. CPE Credit is available only for the LIVE webcast. Recorded versions do not qualify for credit.

To obtain CPE credit, attendees must participate in the live event, return an Official Record of Attendance to Strafford affirming their participation (including the CPE code announced during the program), and pay a processing fee of $35 per person. Strafford then will mail a certificate of credit within approximately two weeks of receiving your completed Official Record of Attendance.
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Form 8582: Passive Activity Reporting And Impact Of 3.8% Medicare Tax
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