JD Supra

Ready, fire, aim - IRS Chief Counsel Advisory misses the mark in NOL carryforward position that controvenes the TCJA

In CCA 201928014 (July 12, 2019), the IRS Office of Chief Counsel provides its view of the interplay between the net operating loss (NOL) carryover rules set forth in Internal Revenue Code (Code) § ...
Accounting Today

Valuation considerations relating to NOL limits under CARES Act and TCJA

Section 382 of the Internal Revenue Code generally requires a corporation to limit the amount of its income in future years that can be offset by historic losses (i.e., net operating loss ...
JD Supra

California Suspends Net Operating Loss Deductions and Limits Tax Credits through 2022 - These changes will affect estimated payments due in 2020, and taxpayers should plan ...

California A.B. 85, signed by Governor Newsom on June 29, 2020, suspends the use of .NOLs for tax years beginning in 2020, 2021, and 2022. The NOL suspension applies to both individuals and ...
Northcountrypublicradio.org

Is It Fair That Businesses Get To 'Carry Forward' Their Losses?

A developer such as Donald Trump can use a net operating loss "carryforward" to lower his taxes. That may sound weird, but the law has been in... Speculation that Republican presidential candidate ...
KCUR 89.3 FM

Is It Fair That Businesses Get To 'Carry Forward' Their Losses?

Speculation that Republican presidential candidate Donald Trump went years — maybe decades — without paying federal income taxes has generated questions about "loopholes" available to real estate ...