Surgent's Guide to Understanding the At-Risk Basis Rules and Forms 6198 and 7203
Overview
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.
Delivery Method: Individual webcast
CPE Credit: Taxes
Program Level: Intermediate
This course is being offered by a 3rd party vendor and will not be accessible on your My CPE page. Webinar access information will be emailed directly to you by Surgent McCoy.
Highlights
- Basis and at-risk basis
- How to calculate the amount of annual at-risk basis
- Forms 6198 and 7203
- When activities may be aggregated for at-risk purposes
- Qualified nonrecourse financing
Prerequisites
A basic understanding of the tax rules relating to partner basis and S corporation shareholder basis
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
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
Preparation
None
Leader(s):
Leader Bios
Michael Frost
Mike Frost, CPA, of Jacksonville, Alabama, provides tax consulting, continuing education, and motivational speaking services through his company, Mike Frost Enterprises. Mike is a former shareholder of MDA Professional Group, PC, where he managed the tax department of the Albertville office. Mike has 30 years of experience in public accounting, including but not limited to: Business and individual income tax preparation and planning; mergers and acquisitions; estate, gift, and trust tax preparation; small business consulting; Medicare planning and other elder care; audit representation; and religious groups and clergy.
Mike has conducted CPE engagements and seminars throughout the United States and has served as technical advisor for tax articles in The Sand Mountain Reporter, a local newspaper. Mike has been a featured presenter at the Alabama Society of CPAs Annual Meeting and the Federal Tax Clinic held annually at the University of Alabama in Tuscaloosa.
Mike graduated with "high honors and distinction" from Jacksonville State University with a major in accounting and a minor in finance and a 4.0 GPA. He is a member of the American Institute of Certified Public Accountants and the Alabama Society of Certified Public Accountants. In addition, he is a graduate of the Tax Planning and Advising for Closely Held Businesses Certificate of Educational Achievement Program sponsored by the AICPA.
Non-Member Price $104.00
Member Price $99.00