By Evan Gernant
On Thursday, April 9, the IRS issued guidance on the treatment of net operating losses under the provisions of the CARES Act.
Revenue Procedure 2020-24 provides procedures to elect to revoke the carryback period for NOLs arising in 2018 and/or 2019
Background: The Tax Cuts and Jobs Act changed the treatment of NOLs. It generally provided that NOLs arising in tax years beginning after December 31, 2017 were no longer permitted to be carried back and are deductible...