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IRS is “hopeful” that it will issue procedural guidance on the expansion of the net operating loss carryback provision this week, says Jane Rohrs of the Joint Committee on Taxation. Treasury officials say the guidance could potentially come out “today or tomorrow,” Rohrs says during a webcast. The guidance is expected to be crafted similarly to Revenue Procedure 2009-26, which provided guidance to small businesses on how to elect the carryback for 2008 NOLs, she says.
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