|Author :||Stuart Sobel, Enrolled Agent (EA), Author, Radio Host, Indiana University Faculty|
|CPE Credits :||2.0|
|IRS Credits :||2|
|Passing Score :||70%|
|Primary Subject-Field Of Study:||
Taxes - Taxation for Course Id 980
Our economy is in dire straits. Businesses are failing. For the first time after years of profit; individuals, flow-through entities, and corporations are experiencing loss years.
Is there a tax benefit to carrying the losses forward to more profitable future years?
Should losses be claimed on a Form 1045 or an amended return?
What adjustments must be made in order to calculate the allowable tax refunds?
Does the taxpayer know about all of the choices?
Carryback or carryforward making the correct election
Form 1045 or amended return
Net operating losses for individuals
Non-business capital losses
Impact on IRA deductions, Social Security taxation, educational deductions, casualty losses, and medical expenses
Exceptions to 2-year carryback requirements
How to claim and compute the deduction
Deducting a carryback
Deducting a carryforward
Change in marital status
Change in filing status
Flow-through entities limitation of losses
IRC section 382 limitation ownership changes
Impact of debt forgiveness on NOLs
Form 1138 extensions for filing
Form 1139 Trusts, estates, and corporations the quick refund
|Usage Rank :||0|
|Experience Level :||Overview|
|Additional Contents :||Complete, no additional material needed.|
|Additional Links :|
|Advance Preparation :||None.|
|Delivery Method :||Self-Study|
|Intended Participants :||Anyone needing Continuing Professional Education (CPE).|
|Revision Date :||21-Apr-2016|
|NASBA Course Declaration :||Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.|
|Approved Audience :||
NASBA QAS - NASBA Registry - IRS Enrolled Agents - 980
|Keywords :||Taxes, Net, Operating, Losses, Making, Right, Choice, 2016, Video, cpe, cpa, online course|
|Learning Objectives :||
Course Learning Objectives
Avoid costly mistakes in tax planning.
Prepare the various forms that are required to claim a net operating loss.
|Course Contents :||
Chapter 1 - Net Operating Losses: Making the Right Choice
Chapter 1 Review Questions
Tax Transcript Glossary