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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Thursday, June 15, 2023

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$197.00
CPE
ALL

This course will discuss the nuances of net operating losses (NOLs), amended returns, and IRS submission procedures. Our authoritative panel will cover how NOL carryforward planning can maximize refunds and discuss how to properly file claims for refunds.

Faculty

Marcus E. Dyer
Principal, Team Leader of Tax Controversy
Withum Smith + Brown, PC

Mr. Dyer manages and reviews all aspects of federal and state tax compliance for C-corporation, S corporation and partnership returns, including consolidated C-corporation returns. He advises businesses on a wide array of tax matters including but not limited to reorganizations and employee benefits. He manages and reviews all aspects of the preparation of high net worth individual returns and conducts tax research on federal and state tax issues. He also handles tax controversies, including at the examination, appeals and collections stages.

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Jeffrey Kelson
Partner
Eisner Advisory Group, LLC

Mr. Kelson is the National Corporate Tax Group Leader and a leader of services for the firm's New Jersey office with 30 years of experience to his leadership role in the Tax Services Group. He is also the leader of the firms Tax Thought Leaderhship. As a tax advisor to companies, Mr. Kelson's experience encompasses corporate tax compliance and planning; mergers and acquisitions; local, state, and international taxation; sales and use tax issues; bankruptcy and turnaround situations; and SEC issues related to IPOs and privatization. Additionally, he has expertise with NOL studies (and has presented many webinars on Section 382).

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Description

The NOL provisions were significantly changed by the Tax Act of 2017. Now NOLs can only offset 80 percent of an individual's or business' taxable income, but unlike the prior limited 20-year carryforward, losses are carried forward indefinitely. Maximizing depreciation often generates losses and provides NOL deductions that free up cash for struggling businesses.

Although the indefinite carryforward of excess business losses is welcomed, nuances of the calculations should be considered. The NOL is limited without consideration of Section 199A or the NOL deduction itself. The constant flux of tax changes, including the upcoming bonus depreciation phase-out, Section 163(j) limitations, and R&D capitalization, make planning to maximize cash flow from these carryforwards essential.

Listen as our panel of NOL experts explains the latest IRS rules for calculating NOLs and amending prior returns to maximize cash refunds for taxpayers.

Outline

  1. NOLs after the CARES Act
  2. Calculating the NOL carryforward
  3. Common scenarios warranting amended returns
  4. Applications for tentative refunds
    A. IRS procedures
    B. Form 1045
    C. Form 1139
  5. Planning opportunities

Benefits

The panel will discuss these and other critical issues:

  • Following IRS procedures for submitting amended returns
  • Planning to maximize utilization of NOL carryforwards
  • Common scenarios warranting amended returns
  • Key considerations when calculating the current year NOL carryforward

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify specific returns that could benefit from NOL carryforward planning
  • Determine IRS procedures for filing amended returns
  • Decide how the CARES Act impacted NOL calculations and carryforwards
  • Ascertain specific situations when NOL planning could generate larger refunds

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of pass-through taxation, including taxation of partnerships, S corporations and sole proprietorships, qualified business income, net operating losses and loss limitations; familiarity with net operating loss carry-backs, carry-forwards and carried interests.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).