Description:

The goal of the Tax tactics for Passive Income course is to give tax experts and financial advisors a thorough awareness of the options for tax planning and the tactics that are particularly suited to passive income sources. This in-depth course will examine numerous strategies for enhancing tax efficiency, raising deductions, and lowering tax obligations related to passive income.

Participants will delve into the fundamental concepts of passive income and its taxation, distinguishing it from active and portfolio income.

The course will concentrate on identifying tax-efficient passive income structures and strategies, taking both person and entity-level tax planning into account. They will also look at how recent tax laws has affected the taxation of passive income and how to use these changes to the benefit of their clients.

Session Highlights:

• Passive activity rules and limitations: Understanding the rules and limitations surrounding passive income and losses, including the material participation test, grouping activities, and the net investment income tax (NIIT).

• Tax considerations for passive investment strategies: Analyzing tax-efficient strategies for passive investment vehicles, such as index funds, exchange-traded funds (ETFs), and passive investment partnerships.

• Passive loss carryovers and offsetting strategies: Exploring methods to utilize passive loss carryovers and offset them against current or future passive income to minimize tax liabilities.

Learning Objective:

Participants will leave this course with the information and abilities required to advise clients on how to maximise tax efficiency and minimise liabilities associated with passive income. They will be given a toolkit of tax planning and strategy options that can be customised for different passive income sources, enabling them to offer clients who want to maximise their tax positions in passive income endeavours meaningful guidance and help.

Who Should Attend:

• CPA
• Enrolled Agents (EAs)
• Tax Professionals
• Attorneys
• Other Tax Preparers
• Finance professionals
• Financial planners

Speaker Profile:

Nick Preusch CPA, JD, LLM, is a tax manager with PBMares, LLP. Nick has participated in helping high wealth individual and large business entities with complex tax compliance, along with specializing in international, non-for-profit tax issues, and tax ethics issues.

Nick has also worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nick is a graduate of Carthage College with a BS in Accounting and Business, University of Connecticut with a MA in Accounting, Case Western Reserve University with a JD, and Georgetown University with an LLM in taxation. Nick has also authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. He has lectured nationally on topics such as ethics, complex tax transactions and IRS practice and procedure.