CARES Act

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  • #3119340
    Cricket317
    Participant

    OK Y'all – I just had a heart attack – CARES act is now apparently tested on REG for Q4.

    I looked at the book updates for Roger and noticed some new questions in my Becker test bank. The book updates did not look horrible, looks like changes in the charity contribution limits. That part I'm ok with.

    But the NOL changes…..HUH???? I guess no more NOL 80% limit, so 100% NOL allowed for years 2018-2020….but the NOL changes are confusing because to the years in which different rules apply. Makes me want to puke. Can anyone explain in layman terms to a person who's about to test and is petrified ?

    Thanks!

    #3122268
    Offthewall97
    Participant

    @Cricket317

    Hey there, I'll be taking the REG exam in a couple days as well and found the changes not to be too crazy in Becker. Honestly, for NOL the only questions I've seen have been reminding you that you get “the best of both.” So you get the pre TCJA 100% limit (no ceiling), and both the indefinite carry-forward as well as the carry-back. In Becker its only one module, so don't go too into the weeds. I'd also focus on remembering the new charitable contribution limit of 25% for c-corps; thats going to be worth more points if you get any corp sim! Good luck with your studies.

    AUD - 85
    BEC - NINJA in Training
    FAR - 76
    REG - NINJA in Training
    "Get busy studying, or get busy dying."
    #3122517

    Yes – as stated above, the 25% Corp charitable is a biggie. The NOL is a lot easier to remember than the previous 80% TI rule.

    Watch out for the above-the-line charitable deduction for non-itemizers as well.

    Of course, it's all summarized in the ninja notes 🙂

     
    Jeff Elliott, CPA (KS)
    NINJA CPA Review
    #3126537
    Cricket317
    Participant

    Thanks both – I took REG a few days ago and it was not “that” bad. HAHA. Who knows, I highly recommend that folks know the rules that have changed, especially the charity contribution limits because that is trickled into several applications.

    #3126540
    Cricket317
    Participant

    Thanks both – I took REG a few days ago and it was not “that” bad. HAHA. Who knows, I highly recommend that folks know the rules that have changed, especially the charity contribution limits because that is trickled into several applications.

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