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Net Operating Losses and Amended Returns: Maximizing Benefits of NOL Carryforwards and Filing Refund Claims

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Thursday, June 15, 2023

Recorded event now available

or call 1-800-926-7926

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.

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.

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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

Faculty

Dyer, Marcus
Marcus E. Dyer, CPA, JD

Principal, Team Leader of Tax Controversy
WithumSmith+Brown

Mr. Dyer manages and reviews all aspects of federal and state tax compliance for C-corporation, S corporation and...  |  Read More

Kelson, Jeffrey
Jeffrey Kelson

Partner
Eisner Advisory Group

Mr. Kelson is the National Corporate Tax Group Leader and a leader of services for the firm's New Jersey office...  |  Read More

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