IRS Advises Business Owners to Learn about Laws Regarding Filing of Losses
WESLACO – The IRS is reminding taxpayers to check out new laws on filing business losses.
The agency says the Tax Cuts and Jobs Act passed in 2017 modified the existing tax law on excess business losses.
Now, excess business losses that are disallowed are treated as a net operating loss carrying over to the following taxable year.
The IRS says net operating loss is now limited to 80 percent of taxable income with the new law in place.
For more information, visit the following link: https://www.irs.gov/newsroom/businesses