This Week Eyed for Expanded NOL Carryback Guidance, Webcast Told

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

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.

Request Daily Tax Report