Surgent's Section 461(l): Loss Limitations After TCJA (S461)

Course Details

Date

Wednesday, October 28, 2020

7:30am – 11:00am

Field of Study

Taxation

Course Number

SU0364

CPE Credit

4.0 hours CPE credit

Level of Knowledge

Intermediate

Vendor

Surgent McCoy CPE, LLC

Prerequisites

Working knowledge of federal tax rules related to individuals and businesses

Description

The Tax Cuts and Jobs Act added Section 461(l) to the Internal Revenue Code, limiting losses previously available. To the extent a taxpayer has an "excess business loss" for the tax year under Section 461(l), that portion of the taxpayer's overall loss becomes a net operating loss (NOL) carried forward to future tax years and subject to the new rules that govern NOL generated after 2017. Many owners of S corporations, partnerships, and limited liability companies are now subject to numerous loss limitation provisions. This program covers each loss limitation provision and how they relate to each other, focusing particular attention on Section 461(l).

Highlights

  • How the new Section 461(l) loss limitation provisions work
  • The new net operating loss rules and how they relate to Section 461(l)
  • Threshold amounts for limitation
  • Determination of a taxpayer’s basis in a pass-through entity
  • Suspended losses and deductions due to basis limitations
  • How at-risk rules operate to limit loss deductions
  • Passive activity loss rules that suspend losses

Objectives

  • Apply the new loss limitation provisions under Section 461(l) to client situations
  • Determine how the other loss limitation provisions interrelate with one another and with the new loss limitation provisions under Section 461(l)
  • Understand how the new net operating rules work through 2025

Designed For

Tax practitioners who anticipate advising clients regarding this complex provision

Course Pricing

Member Fee

Applicable if you are a HSCPA member in good standing.

$139.00
Non-Member Fee

Applicable if you are not a HSCPA member.

$199.00
Your Price $199.00

CPE Choice

Learn more about CPE Choice.
This course does not qualify for CPE Choice.

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