{"id":14168,"date":"2018-11-02T08:00:27","date_gmt":"2018-11-02T13:00:27","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=14168"},"modified":"2018-11-02T10:04:51","modified_gmt":"2018-11-02T15:04:51","slug":"net-operating-losses-impact-of-the-tax-cuts-and-jobs-act","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/net-operating-losses-impact-of-the-tax-cuts-and-jobs-act\/","title":{"rendered":"Net Operating Losses: Impact of the Tax Cuts and Jobs Act"},"content":{"rendered":"

The Tax Cuts and Jobs Act<\/a> (TCJA) brings significant changes to the tax code and offers new challenges for tax advisors. Those same challenges offer a number of benefits for taxpayers, especially business filers. However, it is best to temper a client\u2019s expectations, as not every change introduced by the TCJA will benefit them.<\/p>\n

Net operating losses (NOLs) are one of the changes that many may be disappointed to learn lessens a powerful benefit from the prior tax code. Let\u2019s take a closer look at the changes that will have the greatest impact on tax planning for any client with a current or anticipated net operating loss for the upcoming tax year.<\/p>\n

Change in NOL Calculation<\/strong><\/p>\n

Starting with tax years beginning after Dec. 31, 2017, IRC Sec. 172 limits NOLs by the changing how they are calculated.<\/p>\n

IRC Sec. 172 (a)(1) and (2) state the current year NOL is:<\/p>\n

\u201c\u2026an amount equal to the lesser<\/u> of the aggregate of \u2026[Net Operating Loss] carryovers to such a year, plus \u2026[NOL] carrybacks to such a year, or 80% of taxable income\u2026.\u201d<\/p><\/blockquote>\n

NOLs are now less beneficial going forward, and for the current year, it would be best to advise any clients anticipating a net operating loss of this change soon to avoid any surprises at filing time.<\/p>\n

On the other hand, a current-year deduction will now be more valuable for the same client than in years past; this offers a good planning opportunity for any tax advisor.<\/p>\n

Also of note, this change will make it necessary to separately track any prior NOL a client has from any NOLs generated for future tax years. While many practitioners likely have already done so, this change will increase advisors\u2019 bookkeeping responsibilities and can\u2019t be overlooked.<\/p>\n

Elimination of Two-Year Carryback<\/strong><\/p>\n

Another significant change is the elimination of the two-year carryback for NOLs, with exceptions for farming losses and non-life insurance companies. IRC Sec. 172 (b)(1)(A) states:<\/p>\n

\u201c\u2026except as otherwise provided \u2026 a net operating loss for any taxable year \u2026 shall not be a net operating loss carryback for any taxable year preceding the taxable year of such a loss, and shall be a net operating loss carryover to each taxable year following the taxable year of the loss.\u201d<\/p><\/blockquote>\n

In other words, the TCJA has eliminated the carryback. For any clients depending on a carryback to provide a refund, it will be critical to advise them that this strategy is disallowed going forward. Note that the IRC makes no mention of the 20-year carryforward limitation, and does offset part of the loss of the two-year carryback.<\/p>\n

For example, Corporation XYZ, a calendar-year tax-filer, has an NOL of $45,490 in 2018. It has no other carryovers. XYZ\u2019s only choice is to carry the NOL forward. In 2019, XYZ Corporation has taxable income of $50,000. XYZ’s 2019 NOL deduction is limited to $40,000 ($50,000 \u00d7 80 percent). The remaining $5,490 is not deducted, but can be carried forward indefinitely.<\/p>\n

Changes to Farming Losses and QBI Deduction<\/strong><\/p>\n

These are not the only changes to NOLs. Two of the most prominent involve farming losses and the new qualified business income (QBI) deduction introduced by IRC Sec. 199A.<\/p>\n

Both IRC Sec. 172 (b)(1)(B) and (C) follow on from paragraph (A) and state that the losses of both farms and insurance companies (with the exception of life-insurance companies) may still utilize the two-year carryback to the extent of taxable income attributable to those activities. Both of these activity types are also limited to a carryforward of 20 years for any NOLs generated.<\/p>\n

For non-corporate taxpayers, the 20 percent deduction of qualified business income deduction introduced by 199A is disallowed by IRC Sec. 172(d)(8) with regard to the calculation of any net operating losses.<\/p>\n

The TCJA introduced many changes to the IRC, and while Sec. 172 is a small part, the changes mentioned above should serve to prepare tax advisors for one part of what may be a challenging tax season.<\/p>\n

Editor\u2019s note:<\/strong>\u00a0This article was originally published in\u00a0CPA Practice Adviso<\/em>r<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Find out how net operating losses are being affected by the Tax Cuts and Jobs Act.<\/p>\n","protected":false},"author":144648909,"featured_media":14182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rkv_reviewed_by_select":[],"rkv_browse_by_id":0,"rkv_cta_id":0,"rkv_optimize_for_pagespeed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"useModifiedDate":false,"customPublishDate":"","customModifiedDate":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[509474089],"tags":[582953261],"intuit_collection":[],"intuit_series":[],"coauthors":[646041702],"class_list":["post-14168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-law-and-news","tag-tax-reform"],"header_image":"","yoast_head":"\nNet Operating Losses Under the TCJA<\/title>\n<meta name=\"description\" content=\"The TCJA made significant changes to net operating loss deductions. 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