CARES ACT: NOL CHANGES (UPDATED LATEST)
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Course Details

Overview of Topics

  • Review of TCJA Changes2 mins
  • What the CARES Act Changed8 mins
  • First Piece of Guidance10 mins
  • Rev. Proc 2020-2413 mins
  • Waiving the Carryback14 mins
  • Forms 1045 and 113924 mins
  • Notice 2020-2627 mins
  • Corporate AMT39 mins
  • Qualified Improvement Property44 mins
  • Partnership Amendment Changes48 mins
  • Excess Business Losses50 mins

Course Description

The CARES Act includes changes to the tax treatment of business net operating losses (NOLs) for corporations and other taxpayers. Given the significant role NOLs can play in increasing cashflow and helping to mitigate financial distress,this webinar around NOLs will help you to track down the latest changes in the CARES Act and what they mean for your business.

The CARES Act rolled back the changes to net operating losses, retroactive to 2018. This means taxpayers with NOLs can carry back those losses up to 5 years back, and there is no limit on the amount of NOL that can be used in a year. Because this change is retroactive, tax professionals need to look not just at 2019 tax returns with NOLs but also at 2018 tax returns with NOLs to determine the best course of action. This webinar will cover the IRS guidance in Revenue Procedure 2020-24 for how to deal with NOLs, including the 6-month extension of time (to June 30th, 2020) for filing Form 1045 or 1139 for 2018.

Discussion will include net operating loss carryback and carryover sequencing. Tips and ideas will be provided on how to do tax planning to maximize refunds of previously paid income tax and minimize any alternative minimum tax liability.

Learning objectives

  • To recognize how the 5-year carry back works
  • To recognize how to waive the carry back
  • To recognize how the 80% limitation is waived for 2018, 2019 and 2020
  • To identify what to do if a return has already been filed for 2018 or 2019 with this limit in place
  • To identify special rules which may affect NOLs, including: elimination of the

About Presenter

Jason Dinesen, EA, LPA

Advisor,Dinesen Tax & Accounting, P.C.

jason@dinesentax.com

Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on accounting and bookkeeping services, tax preparation and business advising to individuals with a business focus ranging from home-based businesses to multistate corporations and not-for-profits. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of multiple 1099 seminars. Dinesen majored in corporate communications with a minor in management from Simpson College.

Unlike some other accounting firms, when Dinesen Tax & Accounting, P.C. says we offer personal service, we mean it. When you come to us with your tax preparation needs, you’ll deal directly with our owner and president, Jason Dinesen. We don’t put administrative staff in the middle of you and our tax expert. That means you’ll always have first-hand knowledge of where things stand, and important information won’t slip through the cracks. We welcome all clients, but especially individuals who want the benefits of a long-term relationship with an accounting firm capable of handling anything that might come along with their taxes. We give all our clients the time, attention, and convenience they should expect. If you have a challenging professional or personal schedule, Jason will accommodate you by meeting whenever – and wherever – works best for you.

Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:30
  • Question 3 : 00:48
  1. To whom net operating losses is applied?
  2. How does the IRS say the Form 1045 or Form 1139 should be sent in?
  3. What is the deadline for filing of form 1045 and 1139?
  1. What limitation was eliminated in the CARES Act?
  2. The CARES Act changed qualified improvement property back to which class of life?
  3. The waiver is ___________________.
  4. Which loss was counted as an NOL and would be carried forward?
  5. How many year carryback can be waived?

FAQ

  • myCPE self-study courses are online.
  • The self-study format allows you to access the material online 24/7 and study at your own pace.
  • As per NASBA guidelines, you have one year from date of registration to complete each program.
  • Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
  • Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.
  • These are Live recorded presentations converted into Self Study (On-Demand Videos).

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Reviews

4.6
(314)
68%
27%
3%
2%
0%
  • MP
    Michael Polley
    Jun 19th 2020
    Jason did a great job explaining forms and how the IRS is being diligent to find those committing fraud, etc. Thank you again myCPE for providing this series free of charge,. All of the sessions were very educational and informative.
NF
Natalie Feller , EA, EA
The information shared in this presentation was very helpful. We now have more information we can share with our clients to help them understand what the IRS has been and will be doing in response to the COVID pandemic issues.
AL
Alexis Lamont , CPA
It's good to know what is happening at the IRS and how they plan to follow up on the cash distributed under the PPP loans.
BW
Bethann Williams , Bookkeeper
Fantastic webinar. Very critical information from the panel. All who spoke were very knowledgeable about this timely topic.
BW
Bethann Williams , Bookkeeper
This is a very informative webinar that helps us understand some of the issues incurred by the IRS in the administration of the CARES Act.
MT
Mark Templin
Great!

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  • Cost $10
  • CPE Credits 1
  • CE Credits 1
  • IRS Course ID GEHNZ-U-00179-20-S
  • CTEC Course ID 6273-CE-0191
  • Subject Area Taxes
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Recorded Date July 03 ,2020
  • Published Date July 03 ,2020
  • Who should attend? Enrolled Agent CPA - Small Firm CPA - Mid Size Firm Accounting Firm CPA (Industry) Tax Firm Young CPA Tax Managers Tax Preparer
  • Handout Material Download
  • Key Terms Download

On-Demand Webinars

2021 Annual Federal Tax Refresher Course
Wednesday, July 08, 2020 View Details/Register
Segment Reporting – A Detailed Review
Thursday, August 06, 2020 View Details/Register
Goodwill Impairment Testing
Thursday, August 06, 2020 View Details/Register
Segment Reporting Basics
Thursday, August 06, 2020 View Details/Register
Goodwill Impairment Basics (1 Hour)
Thursday, August 06, 2020 View Details/Register
Revenue – Five Steps to Recognition
Wednesday, July 29, 2020 View Details/Register
GUIDE TO DEPRECIATION UNDER THE TCJA
Wednesday, July 29, 2020 View Details/Register
PAYROLL FRAUD INFORMATION AND DISCUSSION
Wednesday, July 29, 2020 View Details/Register
Forecasting in a Time of Uncertainty (COVID-19)
Tuesday, July 28, 2020 View Details/Register
TAX IMPLICATIONS AND PLANNING DUE TO COVID-19
Tuesday, July 28, 2020 View Details/Register
UBIT Under The TCJA
Tuesday, July 28, 2020 View Details/Register
Tax Planning Under Tax Cuts & Job Act : 10 Tips to Reduce Taxes for your Clients
Tuesday, July 28, 2020 View Details/Register
Tax Consequences on the CARES Act – Overview of major tax issues from the CARES Act and related notice including planning tec
Monday, July 27, 2020 View Details/Register
CECL Overview
Monday, July 27, 2020 View Details/Register
Accounting for Business Combinations Overview
Monday, July 27, 2020 View Details/Register