2023 Tax Calendar
VIEWpoint Issue 2 | 2022
Inflation Reduction Act: Highlights of Key Changes for You and Yo...
The 2022 Gift Tax Return Deadline Is Coming Up Soon
HUD Strengthens the Effects Test
President Biden’s Proposed Budget Includes Notable Tax Provis...
The Internal Revenue Service (IRS) issued guidance on April 9, 2020, providing tax relief under the Coronavirus Aid, Relief, and Economic Security (CARES) Act for taxpayers with net operating losses (NOLs). Rev. Proc. 2020-24 provides guidance to taxpayers with net operating losses that are carried back under the CARES Act by providing procedures for:
In Notice 2020-26, the IRS also grants a six-month extension for individuals, estates, trusts and corporations to file with respect to the carryback of a net operating loss that arose in any taxable year that began during calendar year 2018 and ended on or before June 30, 2019.
The IRS also recently issued Rev. Proc. 2020-23, allowing eligible partnerships to file amended partnership returns to take advantage of the CARES Act legislation.
For more information on CARES Act tax legislation or for assistance with amending your returns, contact Doeren Mayhew’s tax advisors today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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