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" ... Joe has an excess business loss of $100,000 ($350,000 minus the $250,000 threshold for single). The loss is an NOL carryforward. Under present law, Joe has sufficient income in the two years preceding 2018 to fully deduct the 2018 business loss as an NOL carryback to maximize his tax refund. But, he does not have enough income in 2019 or 2020 so he cannot monetize the NOL carryforward. Mary can use the full loss in 2018 since it’s less than the $500,000 married threshold. Mary’s spouse has substantial income to utilize her loss and generate a 2018 tax refund. The Senate’s excess business loss provision significantly hurts Joe; he is unable to replenish capital in the company with a tax refund to retain jobs. ... "
" ... TCJA’s “excess business loss” (EBL) limitation also returns in 2021: $500,000 married and $250,000 other taxpayers (2018 limits). In 2021, taxpayers may add an EBL to a NOL carryforward. CARES suspended EBL rules for 2018, 2019, and 2020. See TCJA changes in Chapter 17 and CARES changes in Chapter 18. ... "
" ... The 2017 Tax Cuts And Jobs Act (TCJA) introduced an “excess business loss” limitation: $500,000 married and $250,000 other taxpayers for 2018, and it’s indexed for inflation each year. Business losses exceeding the EBL limitation are a NOL carryforward. TCJA also suspended NOL carrybacks, allowing NOL carryforwards with 80% limits against subsequent year’s taxable income. The rest carries forward indefinitely. ... "
" ... We need processed tax returns to have the final result that we're doing for our clients, which is finalizing their tax year and that account, and any carryforward attributes that go into effect a subsequent tax year. ... "