IRS Issues Guidance for Rollback of 2017 Tax Act Loss Limits (1)

Companies seeking refunds by carrying their losses back to more profitable years under Congress’ latest coronavirus relief legislation can get a filing extension and directions for taking advantage of the law’s benefits.

The IRS said in Notice 2020-26 released Thursday that it will extend by six months the deadline for corporations and pass-through entities to file for tentative refunds for carrying back losses stemming from tax years that started during the 2018 calendar year and ended by June 30, 2019.

• The agency also outlined in Rev. Proc. 2020-24 how businesses can disregard repatriated foreign profits that would normally count ...