It’s not uncommon for businesses to generate tax losses. However, the ability to utilize the losses can be limited based on the tax law. Beginning in 2018, The Tax Cuts and Jobs Act (TCJA) further restricts the amount of losses that sole proprietors, partners, S corporation shareholders and, typically, limited liability company (LLC) members can currently deduct.
In this article, we also discuss a couple of options for owners of start-up businesses facing adverse conditions.
We also discuss a few details on IRS Audit Techniques Guides (ATGs).
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