FAQs on Net Operating Losses

The IRS issued frequently asked questions about net operating losses (NOLs) that are carried back under the CARES Act. Taxpayers may elect under section 172(b)(3) to waive the carryback period for NOLs arising in a taxable year beginning after December 31, 2017, and before January 1, 2021. In lieu of that election, taxpayers may make an election under section 172(b)(1)(D)(v)(I) for NOLs arising in those years to exclude tax years in which they have section 965(a) inclusions (section 965 years) from the carryback period.

Read the FAQs about NOLs here.