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.