Section 461(l) Excess Business Loss Limitations: What Are They and What to Do With Them
Recording of a 110-minute CPE webinar with Q&A
This webinar will provide tax advisers with a practical exploration of the loss limitation rules of Section 461(l) which was added by the Tax Cuts and Jobs Act of 2017. Although it was suspended for tax years 2018-20 under the CARES Act it is back in place for the tax years 2021- 2028. The panel will discuss what items are included or excluded in the business loss calculations, the effect of such a loss and its carryover to other taxable years, and the interactions with the passive activity loss rules and the Section 199A pass-through business income deduction.
Outline
- Section 461(l) overview
- Effect of EBL and carryover
- Calculating EBL
- Interactions with other Code provisions
- Items awaiting future IRS guidance
Benefits
The panel will discuss these and other relevant topics:
- Other Code provisions that may be analogous and help in computing EBL
- Treatment of partnership and S corporation items for their partners and shareholders
- The intersection of EBL with Section 199A qualified business loss carryovers
- Impact of Section 461(l) on passive and non-passive activities
Faculty
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Shashi Singal, CPA, MSA, CA
Partner
Grassi
Ms. Singal is a Partner at Grassi and brings over 20 years of diversified tax and accounting experience to the firm.... | Read More
Ms. Singal is a Partner at Grassi and brings over 20 years of diversified tax and accounting experience to the firm. Ms. Singal has expertise in strategic tax planning, projections and compliance. She provides guidance to clients on mergers, acquisitions, corporate restructuring and tax incentives and helps them achieve their full tax-savings potential. She has also advised multinational businesses on the tax implications of both in-bound and out-bound business activities. Ms. Singal works with clients primarily in the manufacturing & distribution, wholesale and retail industries, as well as law firms, architecture and engineering firms, real estate companies, family partnerships and private foundations.
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