CARES ACT – Net Operating Loss Carryback Provisions
For taxpayers choosing to not carryback an Net Operating Loss or "NOL" arising in 2018, 2019 or 2020, the IRS issued guidance in Rev Proc 2020-24 that says that you must make an election to not carry the loss back on the 2020 return. You may recall under the old rules you were deemed to [...]