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Net Operating Losses (NOLs)

Duration: 100 minutes
Course Level:  Intermediate
Prerequisite:  Basic knowledge of individual income taxation  
Advanced Preparation:  None
Delivery Method: Self-Study 
 
CPE Credits Designation Field of Study
IRS * 2 EA Federal Tax Law Topic
NASBA 0 CPA N/A
CTEC 2 CRTP Federal Tax Law Topic
CFP Board 2 CFP® Income Tax Planning

* NATP will report CPE credits to the IRS for all PTIN holders. CPE is currently not mandatory for RTRPs or RTRP candidates and any option to register or participate in this program is strictly voluntary.

Fees: $49 for Members and $60 for Nonmembers

Summary
Tax professionals are increasingly finding their individual clients incurring net operating losses (NOLs). These losses may be carried forward or carried back to another tax year. Do you know which option is best? Do you know how to compute the carryover amount? It’s not as easy as one might think, and you shouldn’t rely on your software’s calculation. Did you know that even if your client has positive adjusted gross income, an NOL might exist? Conversely, just because your client has negative taxable income doesn’t necessarily mean he has an NOL. In this webinar, we will go step-by-step through the NOL computations and the mechanics of carrying the NOL to a future or previous tax year. Also, identify the factors to consider in deciding whether to carry an NOL forward or back.

Objectives
Upon completion of this webinar, you will be able to:

  • Compute a net operating loss and carryover amount
  • Determine, based on individual circumstances, if an NOL should be carried forward or carried back
  • Determine the carryback or carryforward period available for an NOL
  • Identify elections available to your clients and properly make or revoke those elections
  • Complete Form 1045, Application for Tentative Refund

Presenter: Lawrence (Larry) Zimbler, MST, EA

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