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Course Details

Net Operating Losses: Making the Right Choice - v06 (Video) (Course Id 980)

New / QAS / Registry / EA
Author : Stuart Sobel, Enrolled Agent (EA), Author, Radio Host, Indiana University Faculty
Status : Production
CPE Credits : 2.0
IRS Credits : 2
Price : $29.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 980

Description :

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.

The computing and reporting of net operating losses can be very complex. Taxpayers can make elections to either carry back their losses or to carry them forward to future years. Before they decide, they need answers to some questions:

    • What is the carryback period, and will there be a tax savings?
    • 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?
This program will provide an excellent overview of net operating loss (NOL) requirements and pitfalls.

Topics covered:
    • History of the NOL
    • Carryback or carryforward – making the correct election
    • Form 1045 or amended return
    • Net operating losses for individuals
    • Non-business deductions
    • Non-business income
    • Non-business capital losses
    • Impact on IRA deductions, Social Security taxation, educational deductions, casualty losses, and medical expenses
    • Exceptions to 2-year carryback requirements
    • Disasters
    • Farm losses
    • 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
Release : 2016
Version : 1.0
Prerequisites : None.
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

    • Understand how to compute both net operating loss carrybacks and carryforwards.
    • 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

Taxes Course 980 Home: https://www.cpethink.com/irs-ea-cpe-courses
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