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Latest Coronavirus Impact on Tax Planning

Venue

This is a virtual event, accessible online and over the phone. Access instructions will be provided after registration.

Description

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted on March 27, 2020, provides emergency assistance and addresses health care concerns of individuals, families, and businesses affected by the 2020 coronavirus pandemic. Among the tax changes, section 2303 of the CARES Act changes the treatment of net operating losses (NOLs) arising in certain years.

Join us for this Bloomberg Tax & Accounting webinar to get a more complete picture of the impact of the CARES Act on NOLs, the potential consequences of relaxing two NOL rules, and how these changes influence tax planning.

 Our Bloomberg Tax & Accounting analysts will help you to plan and be prepared for what’s coming.

Educational Objectives:

  • Overview of the NOL legislation and the technical correction
  • Understand the restoration of NOL carrybacks for losses arising in tax years 2018, 2019, and 2020
  • Review ways and consequences of seeking a NOL carryback refund (Form 1139, and Form 1120X)
  • Discuss NOL carrybacks and cancelation of debt income
  • Understand the elimination of the taxable income limitations and its impact
  • Understand effects on consolidated groups when membership has changed
  • Review how NOLs interact with international tax provisions, such as BEAT, FDII, GILTI and FTCs

Who would benefit most from attending this program?

  • Corporate tax professionals
  • Corporate Tax Attorney/Counsel, Controller/Comptroller, CPA/Accountant

Presenters

Haji Aghayev
  • Tax Law Analyst
  • Bloomberg Tax

Haji Aghayev joined Bloomberg Tax & Accounting in September 21, 2015, as a tax law analyst. He works in the Business Entities and Tax Accounting group. Haji earned his LL.B (J.D. equivalent) from Azerbaijan International University, and LL.M. from The Georgetown University Law Center.

Matthew Sontag, J.D., LL.M., CPA
  • Product Lead – Software
  • Bloomberg Tax

Matt currently manages Corporate Tax Analyzer and Advantage State Tax Analyzer at Bloomberg Tax & Accounting. Previously, Matt focused on tax consulting for large corporations, particularly multinationals, at both RSM US LLP and KPMG LLP, as well as on tax planning and process enhancement at AES Corporation, a worldwide electricity generation and distribution company.

Alexa Woods (Moderator)
  • Tax Law Analyst
  • Bloomberg Tax

Alexa Woods joined Bloomberg Tax & Accounting in October 2018 as a tax law analyst. She works in the U.S. International group. Alexa earned both her J.D. and LL.M. in taxation from the University of Florida Levin College of Law. She is a member of the Florida Bar and the District of Columbia Bar.

Continuing Education

Credits:
1.2 CPE, 1.0 General COA
Practice Areas:
Field of Study: Taxes
Level:
Any
Production Date:
05/05/2020