First, business losses are subject to several limitations. In response to the 2020 pandemic, businesses or their owners may carry 2018, 2019, and 2020 losses back five years and get tax refunds. We will go through a “big picture” review of the net operating loss (NOL), basis, at-risk, and passive loss limitations and how they affect income and self-employment tax. The review will include whether taxpayers benefit from deducting losses currently or suspending them until they have higher earnings. We will also briefly discuss other doctrines under which taxpayers might get refunds relating to income reported in prior years that, on hindsight, should not have been taxed.
Next, much has been made of trying to structure family offices to try to deduct investment management fees, which generally have been disallowed under 2017 tax reform and really hadn’t been very beneficial before that in light of the 2% floor on miscellaneous itemized deduction and their total disallowance for alternative minimum tax purposes.
Finally, a sale to a spousal irrevocable grantor trust is an alternative to a sale to an irrevocable trust deemed owned by the seller, whether the seller is the grantor or the primary beneficiary. We will discuss the sale to a spousal irrevocable grantor trust and compare it to the other two strategies.
Attendees will learn:
Thompson Coburn LLP
Steve is a nationally recognized practitioner in the areas of estate planning and the structuring of privately held businesses. Lawyers, accountants and business owners regularly look to Steve for fresh, highly knowledgeable insights into the best possible tax and estate planning approaches to their transactions.
Live Webinar Presentations
Our live TCLE webinars are pre-approved for continuing legal education credit in California, Illinois and Missouri. All attorneys attending the live webinar will be able to print out a Certificate of Attendance offered at the completion of the webinar. For those attorneys seeking CLE in jurisdictions other than California, Illinois and Missouri, the Certificate of Attendance can be used to seek CLE in the other jurisdictions. It will be the responsibility of each attorney to handle CLE in his or her own state. While Thompson Coburn adheres to the strict accreditation rules for California, Illinois and Missouri, please note that our live webinars may not be eligible to receive credit in all states.
All TCLE webinars are recorded and available on demand from our website. All attorneys listening to a recorded webinar will be able to print out a Certificate of Attendance offered at the end of the recording. As an accredited CLE provider in California, Illinois and Missouri, you will earn the following type of credit by watching a recording:
If you are in a jurisdiction outside of the three mentioned, check with your state’s CLE requirement before watching a TCLE webinar. While Thompson Coburn adheres to the strict accreditation rules for California, Illinois and Missouri, please note that our recorded webinars may not be eligible to receive credit in all states.
Information We Request When Registering
For reporting purposes we ask the following when you register: All California and Illinois attorneys must provide their bar numbers, and all attendees must designate whether they are a practicing attorney.
If you have questions regarding CLE certification, please contact: