Deducting Business Losses: Overview of Income Tax Limitations

Deducting Business Losses: Overview of Income Tax Limitations

Regular price $129.00

One hour webinar. Business losses are subject to several limitations. In response to the 2020 pandemic, businesses or their owners may carry 2018, 2019, and 2020 losses back five years and get tax refunds. Steve Gorin will go through a “big picture” review of the net operating loss (NOL), basis, at-risk, and passive loss limitations and how they affect income and self-employment tax. The review will include whether taxpayers benefit from deducting losses currently or suspending them until they have higher earnings.

Attendees will learn:

  • How the net operating loss (NOL), basis, at-risk, and passive loss limitations work generally and relate to each other
  • How these limitations interact with self-employment tax, in light of a 2020 Chief Counsel Advice
  • That taking a loss immediately is not always the best strategy
  • Opportunities to time when one deducts a loss from an S corporation

Presenter: Steve Gorin, JD

CLE: 1.0 general credit

States Pre-Approved: AR, CA, ME, MO, NJ, NY, OK, PA, VT

(AK, AZ, CT, NH eligible to claim credit)

States Pending Approval: CO, GA, IL, NC, OH, TX, UT

We will apply for approval in other US states as registrations warrant,* with exception to the following: KS, RI, VA, WA**

* Approval process times will vary

** We will supply you with the information needed to self-apply


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