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CARES ACT: NOL CHANGES (UPDATED LATEST)

4.6 (707)

Jason Dinesen, EA, LPA

Dinesen Tax & Accounting, P.C.

Tuesday, January 19, 2021 | 03:00 PM EDT

  • AFSP
  • CPA (US)
  • EA
  • Tax Preparer
  • CTEC

1 Credit

FREE

Subject Area

Taxes

Webinar Qualifies For

1 CPE credit of Taxes for all CPAs

1 CE credit of Federal Tax Update for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-U-00179-20-O)

1 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273) (Approval No. 6273-CE-0191)

1 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

1 CE credit of Federal Tax Update for Oregon Tax Preparers (Approval No. GEHNZ-U-00179-20-O)

1 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-U-00179-20-O)

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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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

Who Should Attend?

  • Accounting Firm
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • Young CPA

Testimonial

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4.6

(707)
67%
29%
4%
1%
0%

MP

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

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

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

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.

WD

Enjoyed the class valuable information

KS

Great Webinar to learn how the Cares Act effects NOL