This course covers IRC §172 provisions applicable to individuals in calculating and using Net Operating Losses (NOLs). Opportunities and rules for NOLs occurring both pre and post-Tax Cuts and Jobs Act and the CARES Act are also covered.
- Describe which items on the 1040 are considered business income and deductions and which are non-business.
- Calculate the NOL.
- Compare the new carryback and carryforward rules under the TCJA with prior law and the CARES Act.
- Understand how the new §461(l) Excess Business Losses impact NOLs.
- Calculate the amount of an NOL used in a carryback or carryforward year.
Length: 100 minutes
Advanced Preparation: None
Program Level: Basic
IRS Program Number for Self-Study On-Demand Webinar: NMVBP-T-00147-20-S
Delivery Method: Self-Study
Field of Study: Federal Tax (IRS)
Credit hours: 2 IRS
Instructor: Kevin C. Huston, EA, USTCP Click here to learn more about the instructor
All continuing education credit is provided through Gregory & Associates, Inc. which is doing business as Compass Tax Educators. Click here for more information regarding our education policies.