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Regular Tax and AMT NOLs (Net Operating Losses)

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: $52 for Members and $64 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. Which option is best? Computing the carryover amount is tricky and tax professionals shouldn’t rely on their software’s calculation. Even if a client has positive adjusted gross income, an NOL might exist. Conversely, just because a client has negative taxable income doesn’t necessarily mean the client has an NOL. This on-demand webinar guides tax professionals through the NOL computations and the mechanics of carrying the NOL to a future or previous tax year. The factors to consider in deciding whether to carry an NOL forward or back are also explained.
 
Objectives
Upon completion of this on-demand webinar, you will be able to:
  • Determine, based on individual circumstances, if an NOL should be carried forward or carried back.
  • Determine the carryback or carry forward period available for an NOL.
  • Identify elections available to your clients and properly make or revoke those elections.
  • Compute an NOL and AMT NOL for individuals.
  • Complete Form 1045, Application for Tentative Refund.

Presenter: Steven (Steve) O'Rourke, EA

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