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American Institute of CPAs - Personal Financial Planning (PFP)

May 15, 2020

Guests:  Bob Keebler, CPA/PFS and Chris Hesse, CPA

Under the CARES Act, you may be able to help your relevant business owner clients with their cash flow needs.  This can be done by generating refunds from net operating losses (NOLs). As a CPA financial planner, use your deep tax knowledge to help clients benefit from this opportunity. Learn from experts Bob Keebler, CPA/PFS, and Chris Hesse, CPA, in this PFP podcast episode as they explore:

  • What is the excess business loss provision in IRC Section 461(l) and how does it work?
  • How does the CARES Act impact IRC Section 461(l)?
  • What should clients who were limited in the deductibility of their business losses in 2018 do now?
  • What forms do you file and what are the mechanics of filing for the NOL carryback provision?
  • What’s the number one hurdle you face to get the net operating loss filed and what are the viable alternatives to consider?

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The episode is brought to you by the AICPA’s Personal Financial Planning Section (, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice and by the CPA/PFS Credential ( program which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at to join our community and gain access to valuable member-only benefits.

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