Excess Business Losses §461(l) and Net Operating Losses (NOLs) (Currently Unavailable)
Author: Bradley Burnett
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Do you desire to not be tripped up and held back by the new §461(l)) excess business loss rule and newly revamped NOL limitation rules? This course will get you through the woods as unscathed as possible.
Publication Date: September 2020
Designed For
Anyone desiring to gain an in-depth working knowledge of navigating newly radicalized §461(l)), NOL and surrounding rules.
Topics Covered
- How did the CARES Act postpone, retroactively change and scramble both EBLs and the NOL 80% absorption and carryforward/carryback rules?
- How must you now file an amended return and/or redemptive 2020 return to keep from getting your head handed to you?
- What is, and is not, a trade or business? Why do we care? Why can we not afford not to care?
- All new excess loss limit rule — What exactly is "business income" anyway?
- Newly revamped NOL rules — Fundamental game changers
- Which comes 1st, 2nd, 3rd, 4th and so on? Basis, §163(j), at-risk, passive, excess loss §461(l)) and NOL? How does this affect computations overall?
- How must one build her (his or its) own spreadsheet to survive it all?
- How loss limit rules interact with §199A
- How will software vendors respond to recent layers? a/k/a Overrides and overrides
- The age old intricate structure, all that's new and how and why you can't ignore either
Learning Objectives
- Recognize the complexity in near term §461(l)) and NOL rules
- Identify a loss limitation hurdle post-TCJA
- Identify the threshold amount in 2020 for single tax payers
- Recognize correct statements regarding non-C Corp excess business losses
- Describe correct statements regarding NOLs as a result of the TCJA
- Identify correct statements regarding the new §461(l)
- Recognize which entities are ineligible for QBID
- Describe correct statements regarding QBID
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
