Net Operating Losses (NOLS); Federal and State Differences
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Speaker : ROBBIE TERRY
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When : Wednesday, November 20, 2024
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Time : 01 : 00 PM EST
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Robbie Terry Washington, CPA MBA
Ms. Washington is owner of RTW Xxact Enterprises, LLC with more than 30 years’ experience in public accounting including with a Big Four, Ernst and Young. Her industry experience includes manufacturing, banking, private equity, real estate, telecommunications including tax - Department of the Treasury, IRS.
Robbie was also an Adjunct Professor teaching federal income tax at Notre Dame College of Ohio. She conducts internal and external training seminars and frequently speaks to outside organizations and associations. She is an advent blogger, conducts webinars and various presentations for community based and professional organizations.
Robbie recently founded a nonprofit organization called RTW Academy Inc and has conducted free tax preparation for the past 2 years with the IRS VITA/TCE program and teaches Financial Literacy and Workforce Development quarterly at Ohio’s correctional institutions.
Net Operating Losses (NOLs) provide businesses with a way to offset taxable income in profitable years by carrying forward losses from unprofitable years. While the federal government has specific rules for handling NOLs, each state in the U.S. may have its own set of regulations, leading to significant differences. Understanding the differences in NOL treatment at the federal and state levels allows for better tax planning and optimization, ensuring that losses are utilized in the most beneficial way possible
Areas Covered
- Definition and Purpose of NOLs
- Historical Context of NOLs
- Key Features of NOL Provisions
- Federal and State NOL Differences
Who Should Attend
Accountants, CPAs, Attorneys, Small Business Owners, Individual Taxpayers.
Why Should You Attend
While federal NOL rules provide a broad framework, state-level differences can create complexity for businesses and individuals. Understanding these differences is crucial for effective tax planning and compliance. Taxpayers must stay informed about both federal and state regulations to optimize their tax positions and ensure they are leveraging NOLs to their fullest potential. The evolution of Net Operating Loss provisions underscores the balancing act between providing relief to businesses and maintaining a fair tax system. Understanding the historical context and current rules of NOLs is crucial for businesses and tax professionals aiming to navigate the complexities of tax planning and compliance effectively.
Topic Background
Net Operating Losses (NOLs) are an important concept in tax law that allow businesses and individuals to reduce their taxable income. The background and development of NOL provisions have evolved over time to provide relief for taxpayers who experience losses.
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$160.00
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