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Mastering the Rules for Deducting Business Losses in a Post-Covid World: Overview of Income Tax Limitations



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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.  In his exclusive LISI Webinar, 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. Steve will also briefly discuss other doctrines under which taxpayers might get refunds relating to income reported in prior years that, on hindsight, should not have been taxed.

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



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Steve is a nationally recognized practitioner in the areas of estate planning and the structuring of privately held businesses. Lawyers, accountants and business owners regularly look to Steve for fresh, highly knowledgeable insights into the best possible tax and estate planning approaches to their transactions.

Steve crafts estate plans for individuals, keeping in mind their financial security and desire to save income and estate tax. In his work for businesses, Steve helps owners plan for the eventual sale (to co-owners, employees, or third parties)or transfer (to family members), and provides a legal framework for an orderly transition while strategically saving income, transfer, and FICA taxes.

Drawing on his background as an accountant — and his still-current CPA license and Chartered Global Management Accountant credential — Steve structures businesses to achieve business objectives and save income or estate tax. He has helped fledgling businesses organize, thriving businesses restructure to save hundreds of thousands of dollars of income tax when planning a transition to the next ownership group, and mature multi-million or billion-dollar businesses plan tax-saving transfers to the next generation.

Over the course of his 30-year career, Steve has amassed a deep knowledge of nearly every aspect of tax strategy for privately held businesses and freely shares that knowledge with others in the field. His quarterly newsletter, Business Succession Solutions," is considered essential reading for hundreds of CPAs and attorneys, who describe it as "a fantastic contribution to the field." Steve also maintains a blog, Business Succession Solutions, intended to help business owners — and those who advise or support them — consider smart tax strategies.

Steve is a highly visible member of the ABA's Real Property, Trust & Estate Law Section and the American College of Trust & Estate Counsel, which regularly directs its members to Steve's quarterly newsletter. He has represented both groups in comments to the IRS, the U.S. Treasury, and tax lawmakers.


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