The Mann Report published an article by Tax Director Daniel Smith about CARES Act provisions regarding net operating loss carrybacks.
The Mann Report
By Daniel Smith, Director, Tax & Business Services
The CARES Act allows a taxpayer to carryback 100% of its 2018, 2019 and 2020 NOLs for up to five years and claim a refund based on the NOL carryback for any taxes paid in those years. As a result, the new NOL rules allow tax planning opportunities that did not exist before the pandemic.
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