The IRS has issued guidance providing tax relief under the Coronavirus Aid, Relief and Economic Security (CARES) Act for taxpayers with net operating losses (NOLs).
Revenue Procedure 2020-24 provides guidance to taxpayers with NOLs carried back under the CARES Act by providing procedures for specific actions.
The IRS also granted a six-month extension for individuals, trusts and estates to file Form 1045 and corporations to file Form 1339, with respect to the carryback of a NOL that arose in any taxable year that began calendar year 2018 and ended on or before June 30, 2019.
Learn more about the IRS guidance here.