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Product ID: 393913EAU
 
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The 3.8% NII Tax and Filing the New IRS Form 8960

OnDemand Webinar (99 minutes)

19 pages of Form 8960 draft instructions were released, do you still need clarification in respect to the net investment income tax?

This filing season brought the new 3.8% Medicare Contribution Tax on net investment income. Many tax preparers and taxpayers are facing this tax for the first time. This on-demand webinar helps to outline the new tax and focuses on the new Form 8960 which is used to calculate and report the new tax. This program highlights what is included in the Medicare tax base and how the new rules apply to different taxpayers.

Authors

Phillip L. Jelsma, McKenna Long & Aldridge LLP

Agenda

Overview of the Net Investment Income Tax

• Definition of Net Investment Income

• Application to Different Taxpayers

• Effect of Income Thresholds

Open Issues and Problems

• Material Participation by Estates and Trusts

• Foreign Taxpayers and Treaty Issues

• Interplay With Passive Activity Rules

• Consideration of State Tax Rules

• Is It a Trade or Business?

Form 8960, Net Investment Income Tax

• Final Form and Instructions

• Expanded Safe Harbor for Real Estate Professionals

• Treatment of Capital Losses