2024 Business Losses: Going Backward and Forward

Overview

The TCJA made turning business losses into tax refunds far more difficult.  The CARES Act suspended and modified many of these changes.  This course will address the revised rules for deducting business losses and discuss planning ideas and potential pitfalls. 

**Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com.

Prerequisites

Basic working knowledge of business taxation

Objectives

• Apply recent legislative developments and deducting business losses and amending returns
• Identify planning ideas and potential pitfalls

Highlights

• Recent legislative developments for deducting business losses
• TCJA net operating losses rules of §461(l)
• §163(j) Business Interest Expense
• Limitations of deducting losses and basis
• What is the “quickie” refund; Section 465
• At-Risk amount
• Section 469 Passive Activity Loss rules