January 9, 2023 10:00am – 11:50am Map & Directions 602-252-4144

Webcast: Guide to Understanding the At-Risk Basis Rules and Forms 6198 and 7203

Description

Many tax clients with losses from their S corporations, partnerships, and multiple-member LLCs treated as partnerships will want to use these losses to offset their other income from other sources. This program explains when, why, and how the at-risk rules apply to allow or to prevent the owner of a pass-through entity from taking a loss from a pass-through entity and using it to offset other income. This program is extremely helpful for anyone with pass-through entity clients.

Location

ASCPA Live Online Webcast
Phoenix, AZ 85034-6617

Registration Time

9:30am

Fees

Member:
$75
Non-CPA Staff:
$101
Non-CPA Staff (100% club):
$75
Non-CPA Staff (sole proprietor):
$75
Non-Member:
$101
Webcast
Taxation
2

Objectives

  • Understand how a client determines his or her at-risk basis in his or her pass through entity.
  • Understand how the at-risk basis calculation differs from a regular basis calculation.
  • Calculate the amount of an investor's annual at-risk basis.
  • Understand the structure of IRS Form 6198 and how it relates to calculating a taxpayer's at-risk basis.

Course Level

Intermediate

Vendor

Surgent McCoy CPE, LLC More With This Vendor

Designed For

Any tax practitioner wishing to understand the at-risk rules and how they apply to losses allocated to the owners of pass-through entities.

Prerequisites

A basic understanding of the tax rules relating to partner basis and S corporation shareholder basis.

Event Leaders

Kilroy, John M.

Rating: 4.58


John Kilroy is a managing member of iValue Financial Planning LLC, located in the Philadelphia, Pennsylvania area. Kilroy engages clients in financial and tax planning, as well as preparing tax returns for individuals, corporations, partnerships, estates and trusts. Kilroy is a CPA and a CFP® practitioner. He is a 1979 graduate of Villanova University with a BS in Accounting. Kilroy is a member of the Pennsylvania Institute of Certified Public Accountants and the Financial Planning Association (FPA). Within the FPA, Kilroy has served as a board member of the Philadelphia Tri-State chapter and on its education and finance committees. Kilroy is an adjunct faculty member for the Temple University Certificate of Financial Planning Program. He is a frequent speaker and facilitator on tax and financial planning topics. John has been quoted in the Wall Street Journal, MarketWatch.com and USATODAY.com. He has written for the Journal of Financial Planning, and is a contributor to Retirement Weekly. Kilroy has also discussed financial and tax planning issues on various radio outlets.


More With Kilroy, John M.

Highlights

  • Basis and at-risk basis.
  • How to calculate the amount of annual at-risk basis.
  • Form 6198.
  • When activities may be aggregated for at-risk purposes.
  • Qualified nonrecourse financing.

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