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Video instructions and help with filling out and completing Form 1045 due date
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Music welcome back to our video series on the US tax reform today we want to talk about net operating losses Charlie - loose hooked Rockland for tack ELISA we know that the u.s. is for many years a very interesting and strong market for German companies to invest and I am very certain that that will be the case in the future as well however when I started resting in the US obviously I spent so I probably significant investments and that leads quite often to situations that I start with tax losses can you just explain us what's the impact of the new laws on tax of the losses okay well first and foremost is the rate impact and I know we've talked a lot that keeps coming up about the rate reduction but losses were pretty valuable to a company considering they were valued at a thirty five percent tax rate right so now they're gonna go down to a twenty one percent rate plus States and you had the states before but now it's gonna be a significant decrease so you can't really complain about a decrease right but I think companies in 2022 anyway are gonna see a significant decline on their financial statements primarily due to the rate reduction in that impact on their net operating losses but can I still carry for what my my losses oh sure absolutely so under the new law businesses with losses carrying forward can still completely utilize those losses against future taxable income so the old law allowed a company to carry forward losses for 20 years and there wasn't a limitation exactly on the utilization of those losses but when you did get to a point where your loss actually completely offset all of your income we had an alternative minimum tax that would kick in so that a corporation would at least pay some amount of tax we'd no longer have that tax that has been done away with and under the new law losses can be carried forward indefinitely but now we have a limitation on how much can be used and that limitation is going to be 80% of your taxable income this effectively actually puts us back in the same position where we were before with the alternative minimum tax but it is far simpler to deal with than calculating the alternative minimum tax what is this losses which were generated prior to the new law as a no-no also subject to the NDA so to the 80% limitation actually not so that's a positive thing so any losses that were generated prior to 2022 will be able to be carried forward and fully utilized against taxable income in the future so from a cash perspective that's a new law really make a big difference I think it doesn't materially impact the vast majority of our German middle shot clients from a cash perspective as I said the good news is.