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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- 2018 California 540 "Excess business loss"
2018 California 540 "Excess business loss"
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glen4cpa100
Level 1
04-26-2020
08:00 AM
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On the 2018 California form 3805V, page 4, Lacerte shows that the carried loss has been reduced by $500,000 under the Excess Business Loss rules. However, under the Loophole Closure Act (AB 91), the Excess Business loss limitations apply only to years after 2018.
This is explained in the Franchise Tax Board's "Tax News", the September 2019 issue, (item 13). Here is the link: https://www.ftb.ca.gov/about-ftb/newsroom/tax-news/september-2019/ab-91-loophole-closure-and-small-b...
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1 Comment 1
George4Tacks
Level 15
04-26-2020
05:52 PM
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Have you updated?
What type of return are you working on?
What type of numbers are you showing? Original Loss? and Carryover to 2018?
I see this working fine with the 540 - Version 40.0406 for CA
Answers are easy. Questions are hard!
What type of return are you working on?
What type of numbers are you showing? Original Loss? and Carryover to 2018?
I see this working fine with the 540 - Version 40.0406 for CA
Answers are easy. Questions are hard!
