Net Operating Losses Self-Study

Summary

Even the most profitable businesses experience loss and tax professionals need to know the provisions under §172, Net Operating Loss Deduction. This type of loss occurs when certain tax-deductible expenses exceed taxable revenues for a taxable year. Plus, the IRS analyzes a NOL under alternative minimum tax (AMT) rules. Without a basic understanding of net operating losses (NOL), tax professionals cannot provide their business clients with the best possible outcome. This course enhances a tax professional’s understanding of NOLS and alternative minimum tax NOLS (ATNOLs).

Objectives

Upon completion of this course, you will be able to:

  • Determine if a business or individual has incurred an NOL.
  • Correctly calculate the amount of the NOL to maximize the amount to carry over or carry back.
  • Identify the elections of carrying back and carrying forward the NOL.
  • Identify the provisions of carrying back and carrying forward the NOL.
  • Distinguish between business and nonbusiness income and losses in order to correctly calculate the NOL.
  • Ensure the deadline for filing a carryback is met to provide the taxpayer the most flexibility in claiming an NOL deduction on Form 1045 or Form 1040X.

Course Details

This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.






   

Presented by:

How to Earn CPE

To receive credit for this self-study course, you must successfully pass the course exam with a score of 70% or better.

Self-study courses and exams generally expire one year from the date of purchase. The AFTR course expires on December 31 of each year as required by the IRS.

Cancellation Policy

​Because this is an online education offering, it is nonrefundable.

eweb keepalive image