NOL Treatment on Federal Corporate and Individual Tax Returns: Challenges for Preparers

Navigating Computation, Sect. 382 Limitation, Carryback/Carryforward and Other Rules

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


Conducted on Tuesday, June 6, 2017

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will provide tax preparers with a thorough and practical guide to the reporting challenges and planning opportunities involved in net operating loss (NOL) calculation for individual and corporate federal tax returns.

Description

Calculation and reporting of net operating losses (NOLs) pose a number of challenging issues for tax return preparers, on both individual and corporate federal returns. While an NOL can be a valuable tax asset for a business, tax advisers should have a thorough grasp of the rules governing the calculation of allowable NOL carry-backs and carry-forwards.

Businesses face several restrictions in computing NOLs. For example, Section 199 deductions are disallowed for purposes of NOL inclusion. Additionally, ownership changes made under Section 382 impose special restrictions on the use of the NOL as a tax attribute. Special rules also apply to allocating NOL shares to owners of pass-through entities.

Individual taxpayers also face a host of limitations in calculating and using NOLs over and above net capital loss limitations. Tax advisers should be aware of the individual limitations in both tax planning and compliance to avoid wasting a critical tax asset.

Listen as our experienced panel of tax advisers provides a thorough and practical guide to mastering NOL calculations and planning opportunities.

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Outline

  1. Special issues with NOLs for corporate return taxpayers
  2. Carryback and carryforward rules
  3. Sect. 382 ownership change restrictions and limitations
  4. Restrictions and allowances in calculating and using NOLs for individual taxpayers
  5. Pass-through allocation questions

Benefits

The panel will address these and other problematic aspects of NOLs:

  • Proper calculation of NOLs, including allowable deductions
  • Carryback and carryforward terms
  • When Sect. 382 change in ownership limitations apply and under what terms
  • Challenges in allocating NOLs to shareholders of pass-through entities

Faculty

Amy Chapman
Amy Chapman
Senior Manager
KPMG

Ms. Chapman works in the firm’s Washington National Tax practice on corporate taxation matters including...  |  Read More

John R. Dundon, II, EA
John R. Dundon, II, EA

President
Taxpayer Advocacy Services

Mr. Dundon is a tax ​p​ractitioner who focuses on working with individual taxpayers​ regarding ​complex tax issues. He...  |  Read More

Timothy M. Nichols, Esq.
Timothy M. Nichols, Esq.
KPMG

Mr. Nichols is a manager in KPMG LLP’s Washington National Tax office corporate tax group. His practice focuses...  |  Read More

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