Enrolled Agent Exam [Part 1] 78, Net Operating Losses (NOLs)

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • How to apply the 80% taxable income limitation to Net Operating Loss deductions. • The modern rule for NOLs is indefinite carryforward with no carryback, except for specific farming losses. • Why nonbusiness deductions like the standard deduction cannot create or increase an NOL. • Common exam traps, such as confusing current NOL rules with outdated pre-TCJA or temporary CARES Act provisions. • The simple mnemonic "Eighty Forward Forever" to remember the core post-2020 NOL rules. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep