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" ... But if all the talk of PPPs, SBAs and EIDLs has left you longing for the tax law, be prepared to become very, very happy. In the past week, while you’ve been buried playing role of de facto loan officer, the IRS has issued a bevy of guidance governing how to implement the tax aspects of the CARES Act. From Section 163(j) to partnership amended returns to net operating loss carrybacks, new procedural guidance allows us to roll up our sleeves and start harvesting refunds for our clients. Let’s take a look at what we’ve learned in the past week: ... "
" ... Check if your state is decoupling from CARES, such as for NOL carrybacks. That’s happened in prior stimulus legislation. ... "
" ... So besides help with paying people during the crisis there was a bit of a tax subsidy. On top of that thanks to the CARES Act there are now net operating loss carrybacks. So the losses from this horrible year can recover some of the taxes paid in the good times. If you barely broke even after PPP forgiveness you would still have a loss that you might carry back and recover more funds. ... "
" ... The main tax benefits of Section 475 are an exemption from wash sale loss adjustments and capital loss limitations. Ordinary business losses offset income of any kind, and they are part of net operating loss (NOL) carrybacks and or carryforwards. ... "