IRS Working on Consolidated Groups Guidance for NOL Carryback

For over 50 years, Bloomberg BNA’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...

IRS and Treasury soon will issue guidance to address issues for consolidated groups raised by the recently enacted five-year net operating loss carryback, says Donald Bakke, an attorney-adviser in Treasury's Office of Tax Legislative Counsel. The government plans to act quickly, “recognizing the short shelf life of the legislation,” he says at a luncheon sponsored by BNA Tax & Accounting and hosted by Buchanan, Ingersoll, & Rooney P.C.