Accounting firms are pressing the IRS to clarify that a business-friendly part of the latest coronavirus relief package won’t effectively slow down newly-available corporate refunds.
The law (Public Law 116-136) temporarily rolled back the 2017 tax law’s limit on the use of net operating losses as tax breaks. The provision, one of several ways lawmakers tried to help businesses boost their liquidity during the pandemic, allows corporations to offset taxable income by carrying losses back as far as five years if they arose in 2018, 2019, or 2020.
The now-defunct corporate alternative minimum tax—a parallel tax system ...
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