After a three-year suspension under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Section 461(l) Excess Business Loss limitation is back for the 2021 tax year and will remain in effect for all subsequent taxable years beginning before January 1, 2027.
Grassi Tax Partner Shashi Singal was published in the February 2022 issue of the NYSSCPA’s Tax Stringer for her insights into how this provision affects noncorporate taxpayers’ tax savings potential and how the limitation should be calculated under current tax law.
Click here to read the full article on the NYSSCPA’s website.
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