This discussion has been locked. No new contributions can be made. You may start a new discussion here
That no longer applies. Suspended for now.
Read the CARES Act (or, one of the other recently passed laws. They've all melded in my poor, tired brain).
I just did the update but a corporate return I'm doing still shows 80% of the loss. Any eta when this will be fixed?
Lacerte never had it right in the first place - it had to be done manually, and you are saying NOW it does?
OR, are you just looking at a diagnostic?
My understanding of the law changes is that the 80% maximum of prior year NOL was repealed, that now 100% should be allowed but that is not the case in the return I'm working on. It is limiting the NOL from 2018 carried forward to 2019 to 80% of the 2019 income. Am I reading this correctly:
The CARES Act repeals the 80% income limitation for NOL carryovers that can be deducted in tax years beginning before January 1, 2021.
From that I thought it meant that the carryover would flow in at 100%...
Your understanding of the law, which just passed about a week ago, is correct. Lacerte never updates that fast.
Apparently they just updated for last year's 80% limit.
I'm not sure whether we are supposed to laugh or cry over this one 🤣
I wonder if the programming has a "forget those changes" button?
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.