Description: The TCJA made turning business losses into tax refunds far more difficult. The CARES Act suspended and modified many of these changes. This course will address the revised rules for deducting business losses and discuss planning ideas and potential pitfalls.
Learning Objectives:
- Apply recent legislative developments and deducting business losses and amending returns
- Identify planning ideas and potential pitfalls.
Program Content:
- Revised rules from recent legislative developments for deducting business losses
- TCJA net operating losses rules of §461(l)
- §163(j) Business Interest Expense
- Limitations of deducting losses and basis
- What is the “quickie” refund
- Section 465: At-Risk amount
- Section 469 Passive Activity Loss rules
Who should attend: CPAs and members working in industry seeking a broader understanding of calculating and reporting business losses.
Program Level: Intermediate
Developed By: Van Der Aa Tax Ed, LLC
Instructor: Douglas J. Van Der Aa, CPA, JD
CPE Credit: 2.5 hours
Field of Study: Taxation
Prerequisites: A basic working knowledge of business taxation.
Advanced Preparation: None
Douglas J. Van Der Aa, CPA, JD
Doug is a lively and energetic speaker – especially on the subject of taxes and ethics. He has been a highly rated speaker and seminar leader for CPA Associations and other organizations throughout the country for more than 18 years. Doug has over 25 years of professional experience, including tax practice in CPA firms and the practice of transactional business and real estate law as an attorney. As a CPA, Doug’s practice concentrated on the tax needs of closely held businesses, with their related pass-through entities, complex individual returns, estates and trusts.
Only registered students have access to the handout.