The Tax Cuts and Jobs Act of 2017 provides that for taxable years beginning after December 31, 2017 and before January 1, 2026, “excess business losses” of a taxpayer other than a corporation are not allowed for the taxable year. This provision, a fourth loss limitation after basis, at-risk and passive activity loss limits, will come as a very unwelcome surprise to taxpayers expecting large loss deductions over the next eight years.
DESIGNED FOR
Tax practitioners who anticipate advising clients with respect to taking losses from investments in the years 2018 through 2025.
BENEFITS
- Help advise clients regarding the new limitations on deducting excess business losses
HIGHLIGHTS
- What is an excess business loss
- The $250,000/$500,000 annual loss limitation
- Treatment of excess business loss carryovers
- New net operating loss limitation provisions and their relationship to excess business losses
COURSE LEVEL
Basic
PREREQUISITES
A basic understanding of the tax rules relating to individual income tax.
ADVANCE PREPARATION
None