NOL Treatment on Federal Corporate and Individual Tax Returns: Challenges for Preparers
Changes Under the CARES Act, the Proposed 382 Regulations, Calculating the Section 382 Limitation
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax preparers with a thorough and practical guide to the reporting challenges and planning opportunities involved in net operating loss (NOL) calculations for individual and corporate federal tax returns after the liberalization of NOL deductions under the CARES Act.
Outline
- Net operating losses – an overview
- New carryback rules
- Foregoing the carryback
- Special issues with NOLs for corporate return taxpayers
- Section 382 ownership change restrictions and limitations
- Restrictions and allowances in calculating and using NOLs for individual taxpayers
- Pass-through allocations
Benefits
The panel will address these and other problematic aspects of NOLs:
- New procedures for submitting Forms 1139 and 1045
- When Section 382 change in ownership limitations apply
- The effect of the proposed regulations on Section 382 limitations
- Challenges in allocating NOLs to shareholders of pass-through entities
Faculty
John Hadwen, CPA
Principal
Baker Newman Noyes
Mr. Hadwen leads the firm’s tax practice’s Partnership/Subchapter-K group. He specializes in federal and... | Read More
Mr. Hadwen leads the firm’s tax practice’s Partnership/Subchapter-K group. He specializes in federal and state taxation of individuals, partnerships, and S corporations and primarily serves clients in the retail, real estate, and professional service industries. Mr. Hadwen has extensive experience in partnership tax compliance and tax planning including mergers, acquisitions, and terminations; like kind exchanges; drop and swap transactions; and computation of Section 754 basis adjustments. In addition, Mr. Hadwen is a key member of the firm’s task force for the 2017 Tax Cuts and Jobs Act including writing articles, training, and presenting internally and externally on the new 20% qualified business income deduction, the vastly expanded business interest expense limitation, and other tax reform topics.
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Patrick Phillips
Principal
RSM US
Mr. Phillips is a Senior Manager in RSM’s Washington National Tax practice, focusing on Mergers and Acquisitions... | Read More
Mr. Phillips is a Senior Manager in RSM’s Washington National Tax practice, focusing on Mergers and Acquisitions since April of 2019. He has significant experience in taxable and tax-free acquisitions and dispositions. Mr. Phillips also has extensive experience with consolidated return issues, loss companies and debt workout transactions. His experience also extends to cross border issues in M&A. Over his career, Mr. Phillips has served as an advisor to public companies, closely held businesses and partnerships. He spent the first 13 years of his career in M&A with the Philadelphia office of PwC. During that time, Mr. Phillips completed a “tour of duty” through PwC’s Washington National Tax Practice.
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