CPAR Taxes

CPAR - 2020/June, Seg.04 - Small Things with Significant Impact

Course Overview
The CARES Act restored the ability to carry back net operating losses (NOLs) temporarily. The loss carrybacks were restored for 2018, 2019 and 2020, with special provisions for electing to carry losses from 2018 and/or 2019 forward. In Revenue Procedure 2020-24, the IRS has provided procedures for the following actions related to these NOLs such as: waiving the entire five-year carryback, bypassing section 965 years in the carryback period, carrying a loss to a section 965 year, and applying provisions to consolidated groups. Barbara Weltman, president of Big Ideas for Small Business, Inc. gives us an update on the recent IRS guidance.

Learning Objectives:

Upon successful completion of this segment, you should be able to:

  • Identify the provision under the CARES Act on net operating losses,
  • Recognize the extended dates of estimated tax installments and installment payments under IRC Sec. 965(h),
  • Identify the context under which the tax benefit rule applies, and
  • Determine the considerations that need to be given regarding electronic submissions.

Prerequisites/Advanced Preparation:

Work experience in tax planning or tax compliance, or an introductory course in taxation.

Speaker / Author:

SmartPros Ltd. is a leader in online and offline continuing education for accounting, finance and engineering professionals. With over 2,000 hours of content, SmartPros has been providing mandatory continuing education products since 1981. SmartPros provides services and content to its professional and corporate clients, in a variety of media including Web, CD-ROM, and video. In the accounting market, SmartPros also has a predominant news and information portal which receives 200,000+ visits per month and provides services to over 100,000 subscribers. SmartPros' customers include 50% of the Fortune 500, as well as the major firms and associations in each of its professional markets.


Price (USD)

Standard: $69.90


Course Code : CPAR1458-FM

Release Date : 06/25/2020
Expire Date : 08/08/2021
Credits :
CPE 2.00
QAS 2.00

Length : 1hr 40min
Course Level : Update
Course Type : Self-Study
Passing Grade : 70%
Format Type : eLearning
Mobile Compatible
Field Of Study : Taxes

Included In

Returning Subscribers

- OR -