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A01 – Net Operating Losses After Two Tax Acts & a Pandemic (LIVESTREAM) (LITX70/21)

Event Description

The ability to carry an operating loss forward or back is an important benefit to some types of business that have strong cyclical demand for their products or services.  It is also important when, as now, no benefit could be realized from losses in businesses that are usually profitable and have paid significant amounts of tax in years preceding the current medical and economic emergency.

Enrolled Agent Approved

Designed For

CPAs, EAs, and Tax Attorneys . . . any advisor that might recognize an NOL and advise as to the benefit of a carryback calculation.

Objectives

  • Understand the law that applies to losses in specific years
  • know how to calculate an NOL
  • Know how to claim the benefit of an NOL carryback
  • Understand the benefit of Form 1045 vs form 1040X or other amended return to claim benefit of NOL carryback

Major Subjects

Starting with the general concept of NOL carrybacks and carryforwards, this short course follows recent changes in the tax law permitting a benefit from a Net Operating Loss. The law before 2018, changes in 2019, more changes in 2020 and where we are as of 12/31/2021.

Instructions

This event is brought to you as part of Spring Splash.