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.

Learning Objectives

  • 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.

Education Information

Length: 100 minutes

Prerequisite: None

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.

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