Help advise clients regarding the new limitations on deducting excess business losses
A basic understanding of the tax rules relating to individual income tax
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.
Delivery Method: Individual webcast
CPE Credit: Taxes
Program Level: Basic