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


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.

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

Learning Objectives

After completing this course, you will be able to:

  • Identify proper calculation of NOLs, including allowable deductions
  • Discern carryback and carryforward terms
  • Determine when Sect. 382 limitations apply and under what terms

Faculty

Amy Chapman, Senior Manager
KPMG, Washington, D.C.

Ms. Chapman works in the firm’s Washington National Tax practice on corporate taxation matters including memoranda involving Sect. 382 loss limitation rules, complex business transactions and other C corporation topics.

John R. Dundon, II, EA, President
Taxpayer Advocacy Services, Englewood, Colo.

Mr. Dundon is a tax ​p​ractitioner who focuses on working with individual taxpayers​ regarding ​complex tax issues. He is an an IRS ​e​xamination​, collection​, appeals ​s​pecialist​. He assign​s​ tax based tangible book value for small businesses, LLC’s, Sub-Chapter S corporations, and partnerships. He ​write​s​ and speak​s​ in depth about a wide range of tax topics. ​

Timothy M. Nichols, Esq.
KPMG, Washington, D.C.

Mr. Nichols is a manager in KPMG LLP’s Washington National Tax office corporate tax group. His practice focuses on a variety of corporate and other tax matters, including tax-free reorganizations, taxable acquisitions, spin-offs, bankruptcy and other restructuring transactions, and consolidated group issues. Mr. Nichols is also an attorney.


EA Credit

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EA Processing $5.00


Recordings

Recorded Event

Includes full event recording plus handouts.

Note: Self-study CPE and EA credits are not offered on recorded events.

Recorded Webinar Download $147.00

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Recorded Audio Download (MP3) $147.00

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IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

Program Materials

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Program Materials

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CPE Credit

Strafford is a NASBA CPE sponsor and our live webinars qualify for CPE credits. They offer you a high quality, cost effective, and convenient CPE option, with no lost travel time or expenses.

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Customer Reviews

I purchased the conference a few minutes after it began and the customer service rep was very helpful and got me signed up and logged into the conference very quickly.

Joanna Johnston

Savas Greene & Company

Excellent seminar! It was efficient and the important topics were covered at just the right pace; no time was wasted covering information that the participants already knew.

Rhonda G. Williams, CPA

Barraclough & Associates

The conference was technical, informative and presented at a good pace.

Krystal Ching

KMH

I liked the concentration on specific issues and examples.

Edita Rimalovsky

Komisar Brady & Co.

I appreciated the flow of the information offered and the ease at which I could follow the handouts.

Larry Bruck

WISS & Company

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