The IRS has issued FAQs for C corporations that are interested in carrying back net operating losses (NOLs) to years in which the alternative minimum tax (AMT) applies. The Coronavirus Aid, Relief and Economic Security (CARES) Act amended the tax code to provide for a carryback of any NOL arising in a tax year starting after Dec. 31, 2017, and before Jan.1, 2021. The carryback applies to each of the five tax years preceding the tax year in which the loss arises (the carryback period). This is relevant to both individual and corporate taxpayers. To read the FAQs: https://bit.ly/3gM73Jq Call or visit our website for more information! www.mjscpa.com/
