CARES Act - Net Operating Losses and Related Business Provisions
1 hour 30 minutes
Gain an understanding of the CARES act and the use of net operating losses.
The CARES Act provides many important avenues for businesses and individuals to recognize financial and tax benefits. This topic will discuss the use of net operating losses. Many changes such as the deduction for QIP and suspension of the excess business loss rules are retroactive to 2018. New interest deduction rules apply for 2019. Special provisions apply for partnerships. NOL’s can be carried back 5 years providing an avenue to receive needed funds. However, there are important time requirements and filing procedures.
• You will be able to define qualified improvement property.
• You will be able to describe how to amend partnership returns.
• You will be able to explain the new net operating loss provisions.
• You will be able to identify clients able to benefit from the new rules.