PASSIVE ACTIVITY Definition

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PASSIVE ACTIVITY is defined in the US Tax Code as one or more trades, business or rental activity that the taxpayer does not materially participate in managing or running. All income and losses from passive activities are grouped together on an income tax return and, generally, loss deductions are limited or suspended until the passive activity that generated them is disposed of in its entirety.

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SYSTRUST ENGAGEMENT is when a CPA tests a business system for its ability to operate without material error and reports on its reliability.

CFFA is Certified Financial Forensic Analyst.

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