Event Description

Whether you are an experienced veteran or new to the industry, one of the toughest parts of being a tax practitioner is keeping up with all of the changes in tax legislation. The Keeping Up with the Tax Code series looks at recent changes to tax law from a practitioner perspective. We don’t just hurl code sections at you without explanation. Using examples, problems, and plain explanations, we explore a mix of new tax issues and areas of the code that tend to be misunderstood in a practical and straight-forward way. In this session, we will explore the various ways losses may be limited for noncorporate taxpayers as well as the new overall limit on business losses.

Objectives

– State the 4 tiers of losses for noncorporate taxpayers – Identify the different tax treatment of losses suspended at each loss tier – Recognize when a loss may be suspended under IRC 461(l)