Whether you’re operating a new company or an established business, losses can happen. The federal tax code may help soften the blow by allowing businesses to apply losses to offset taxable income in future years, subject to certain limitations. Qualifying for a deduction The net operating loss (NOL) deduction addresses the tax inequities that can
net operating losses Archives - Crawford Ellenbogen
May 16, 2023
Use the tax code to make business losses less painful
- By Joan Ellenbogen
- Business
- 0 Comments
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Jun 16, 2020
The CARES Act liberalizes net operating losses
- By Joan Ellenbogen
- Business
- 0 Comments
The CARES Act includes favorable changes to the rules for deducting net operating losses (NOLs) to provide businesses with relief from the novel coronavirus (COVID-19) crisis. It permanently eases the taxable income limitation on deductions. For tax years beginning before 2021, the CARES Act removes a taxable income limitation on deductions for prior-year NOLs carried