When Congress passed the Tax Cuts and Jobs Act in late 2017, the Internal Revenue Code (“Code”) experienced a major adjustment. In addition to numerous, noteworthy changes in the Code, the treatment of “net operating losses” is now subject to different parameters. A net operating loss (“NOL”) is a loss taken by a business where…
Tag: Tax Cuts and Jobs Act
The Tax Cuts and the Jobs Act, What Has Changed?
The United States initiated its biggest overhaul of the federal income tax system–the first major reform in 30 years–when it passed Tax Cuts and Jobs Act (“TCJA”) on December 15, 2017.1 The TCJA included substantial changes to the taxation of both individuals and businesses across all industries in the United States.2 The bill, much like…