Deducting Business Losses: Overview of Income Tax Limitations
Wednesday, December 9, 2020, 1:00 PM - 2:00 PM, ET
Presenter: Steven B. Gorin, JD

Business losses are subject to several limitations. In response to the 2020 pandemic, businesses or their owners may carry 2018, 2019, and 2020 losses back five years and get tax refunds. Steve Gorin will go through a “big picture” review of the net operating loss (NOL), basis, at-risk, and passive loss limitations and how they affect income and self-employment tax. The review will include whether taxpayers benefit from deducting losses currently or suspending them until they have higher earnings.
Attendees will learn:

  • How the net operating loss (NOL), basis, at-risk, and passive loss limitations work generally and relate to each other
  • How these limitations interact with self-employment tax, in light of a 2020 Chief Counsel Advice
  • That taking a loss immediately is not always the best strategy
  • Opportunities to time when one deducts a loss from an S corporation

This webinar is a Business Planning webinar included for Business Docs subscribers and offered live complimentary for Wealth Docs subscribers.

Regular Price: $129 | Trusts & Estates Price: $0 (Website access not included) | Gun Law Price: $129 | Business Law Price: $0 | Practice Development Price: $129

1.0 credits
States Pre-Approved: AR, CA, ME, MO, NJ, NY, OH, OK, PA, TX, VT (AK, AZ, CT, NH eligible to claim credit)
States Pending Approval: GA, IL, KS, NC, UT


Program Knowledge Level: Intermediate
Delivery Method: Group Internet-Based
Recommended CPE Credit: 1.0 
Field of Study: Business
Prerequisites: JD
Advance Preparation: None
Review Date: 11/16/2020

WealthCounsel LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: NASBA Sponsor ID 108255. We have registered with the Texas State Board of Public Accountancy as a CPE sponsor. This registration does not constitute an endorsement by the Board as to the quality of our CPE program. Texas State Board Sponsor ID 9610.

In order to be awarded the full credit hours, you must be present during the entire program.

For information on refunds, concerns, and program cancellation policies, please contact our offices at 888-659-4069, ext 818 or