News & Analysis as of

Net Operating Losses Tax Relief

Troutman Pepper

NOL Carryback Issues for Companies That Departed a Consolidated Group, Including Split Waivers and AMT Credit Refunds

Troutman Pepper on

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act, H.R. 748) included changes to the federal income tax loss (NOL) carryforward provisions under Section 172 of the Internal Revenue Code. One of the significant...more

Shearman & Sterling LLP

IRS Issues Guidance on Interaction of Net Operating Loss and Alternative Minimum Tax Rules

On May 27, 2020, the U.S. Internal Revenue Service (the IRS) published guidance (the Guidance) regarding the interaction of the five-year net operating loss (NOL) carryback rules under the Coronavirus Aid, Relief and Economic...more

Akerman LLP

IRS Issues Guidance on the NOL Carryback Provisions of the CARES Act

Akerman LLP on

The Coronavirus Aid, Relief and Economic Security Act (CARES Act), enacted March 27, 2020, amends the Internal Revenue Code (Code) and provides for the carryback of net operating losses arising in taxable years beginning on...more

Jaburg Wilk

Tax Relief to Help Weather the Storm of COVID-19

Jaburg Wilk on

As the COVID-19 pandemic has wreaked havoc on our personal, financial and business lives, the government has responded with legislative and administrative relief.  This is a high-level summary of some of the enacted measures...more

Vinson & Elkins LLP

[Webinar] Tax in the COVID-19 Era: CARES Act Tax Relief and IRS Guidance - May 6th, 12:00 pm - 1:15 pm CT

Vinson & Elkins LLP on

CARES Act tax relief is designed to put cash in the pockets of taxpayers in distress. In this presentation, a panel of V&E’s tax and executive compensation lawyers will discuss how to maximize the benefit of these provisions,...more

Tucker Arensberg, P.C.

Recent Tax Law Changes Can Provide Immediate Refund Opportunities

Tucker Arensberg, P.C. on

Opportunity to Deduct 100% of the Cost of Qualified Improvement Property Placed in Service in Tax Year 2018 - A drafting error in the 2017 Care Act required a taxpayer to capitalize the cost of interior improvements to...more

Rosenberg Martin Greenberg LLP

Net Operating Losses under the CARES Act

A few key provisions of the recently enacted Coronavirus Aid, Relief, and Economic Security Act (the “CARES” Act) should prove fruitful for businesses that have new or recent net operating losses....more

Latham & Watkins LLP

COVID-19: CARES Act Eases Key US Tax Rules, Throwing a Lifeline to Some Businesses – UPDATE

Latham & Watkins LLP on

The IRS has issued crucial guidance on procedures to implement tax provisions of the recently enacted CARES Act. Key Points: ..Allows a five-year carryback for net operating losses (NOLs) generated in 2018, 2019, and...more

Lowenstein Sandler LLP

Updates on Tax Deadlines and Key Tax Provisions of the CARES Act

Lowenstein Sandler LLP on

Over recent days, the Internal Revenue Service has extended certain tax filing and payment deadlines and issued guidance on some provisions of the recently-enacted Coronavirus Aid, Relief, and Economic Security Act (the CARES...more

Ballard Spahr LLP

Guidance Released for Taxpayers Claiming Net Operating Losses Under CARES Act

Ballard Spahr LLP on

Treasury and the IRS released Rev. Proc. 2020-24 (available here), providing guidance related to amendments in the CARES Act (Pub. L. No. 116-136) to the net operating loss (NOL) provisions of the Code to allow for the...more

McDermott Will & Emery

Individual Loss Carryback Refunds Under the CARES Act

McDermott Will & Emery on

The CARES Act allows individuals, estates and taxable trusts with certain business losses in 2018, 2019 and 2020, including losses from pass-through entities, to obtain refunds of taxes paid in the prior five years...more

Skadden, Arps, Slate, Meagher & Flom LLP

Financial Relief Under the CARES Act for US-Incorporated Subsidiaries of Foreign Companies

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act, or Act) was signed into law. The Act provides much-needed financial relief to businesses in the United States. While most of the aid is...more

Maynard Nexsen

The Agility Continues – Another Batch of COVID-19 Inspired IRS Guidance

Maynard Nexsen on

Less than 48 hours after we gave a hat-tip to the agility displayed by the IRS since the onset of the COVID-19 pandemic and its ability to create new procedures and policies in real time, the IRS had already released at least...more

Perkins Coie

Summary of Tax Provisions of the CARES Act

Perkins Coie on

In response to the ongoing coronavirus (COVID-19) pandemic, U.S. Congress, the executive branch, and the Internal Revenue Service (IRS) have taken several actions intended to provide immediate relief to taxpayers. In a prior...more

ArentFox Schiff

IRS Extends Time to Request NOL Tentative Carryback Adjustment

ArentFox Schiff on

The IRS has granted a six-month extension to file applications for a tentative carryback adjustment under the “quickie” refund procedure for net operating losses that arose in tax years that began in calendar year 2018 and...more

Hodgson Russ LLP

CARES Act Update: IRS Issues Guidance on Federal Tax Changes

Hodgson Russ LLP on

This is an update to our March 27, 2020 alert summarizing the various federal tax law changes enacted as part of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). Since, the IRS has been working...more

Lowndes

CARES Act Provides Potential Cash Flow Opportunities for Businesses with NOLs

Lowndes on

The Coronavirus Aid, Relief, and Economic Security Act (CARES) Act, signed into law by President Trump last month, makes several important changes to the Net Operating Loss (NOL) provisions....more

Lowndes

Partnerships Can File Amended Returns to Cash in on CARES Act Benefits

Lowndes on

The Coronavirus Aid, Relief, and Economic Security Act (CARES) Act was signed into law by President Trump last month. As we have previously discussed, the CARES Act contains several tax law changes that are designed to allow...more

Winthrop & Weinstine, P.A.

CARES Act Summary: Selected Tax Provisions

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law by President Donald J. Trump. Representing “Phase III” of the sweeping economic stimulus and public health measures...more

Brooks Pierce

CARES Tax Benefits For Businesses – Increased Deductions, Increased Use Of Losses, And Potential Refunds

Brooks Pierce on

The Coronavirus Aid, Relief, and Economic Security Act (CARES) enacted on March 27, 2020 contained several significant business-related tax changes highlighted below. Many of these changes are limited in the period to which...more

Skadden, Arps, Slate, Meagher & Flom LLP

State and Local Tax Considerations in Light of COVID-19

The first order of business for many state tax authorities in response to COVID-19 was deciding whether to extend their respective income tax filing and payment deadlines for the 2019 tax year, either automatically by...more

Hogan Lovells

COVID-19 U.S.: Summary of key business tax relief provisions under the CARES Act

Hogan Lovells on

The CARES (Coronavirus Aid, Relief, and Economic Security) Act (Public Law No. 116-136) was signed into law on March 27, 2020 in an effort to provide financial help to beleaguered individuals, businesses, health care...more

Wilson Sonsini Goodrich & Rosati

COVID-19 Tax Relief: Congress Enacts Federal Income Tax Relief for Businesses

As part of the U.S. government's response to the economic disruption caused by the Novel Coronavirus (COVID-19), on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (H.R. 748 or the CARES Act) was...more

McAfee & Taft

CARES Act impact on Oklahoma tax code

McAfee & Taft on

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020, and, among other relief provisions, amends the Internal Revenue Code to provide relief to businesses and individuals....more

Troutman Pepper

Significant Planning Opportunities Available For Carryback Of NOLS Under The CARES Act

Troutman Pepper on

Whether you are in the process of an equity transaction in 2020 or completed one in 2018 or 2019, you may have significant federal income tax planning opportunities. ...more

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JD Supra Privacy Policy

Updated: Dec 28, 2021:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

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Information for EU and Swiss Residents

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Privacy Officer
JD Supra, LLC
150 Harbor Drive, #2760
Sausalito, CA 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

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California Privacy Rights

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Privacy Officer
JD Supra, LLC
150 Harbor Drive, #2760
Sausalito, CA 94965

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Changes in Our Privacy Policy

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Contacting JD Supra

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Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

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