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Sandusky, Ohio Office
422 West Market Street
Sandusky, OH 44870
419-625-4942
866-293-2727
FAX: 419-625-7120
MAP

 

Norwalk, Ohio Office
257 Benedict Avenue, Building D
Norwalk, OH 44857
419-668-2552
800-860-0152
FAX: 419-663-3637
MAP

 

 

Monday–Friday: 8 am – 5 pm
   
Fridays from May 1 through
Labor Day we close at noon.

Fridays from September 11 through October 31 we close at 3 pm

 

 

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CPAs Net

Tax Relief provided by the CARES Act  Net operating loss liberalizations. 

  
April 01, 2020
Payne, Nickles & Company

The 2017 Tax Cuts and Jobs Act (the 2017 Tax Law) limited NOLs arising after 2017 to 80% of taxable income and eliminated the ability to carry NOLs back to prior tax years. For NOLs arising in tax years beginning before 2021, the CARES Act allows taxpayers to carryback 100% of NOLs to the prior five tax years, effectively delaying for carrybacks the 80% taxable income limitation and carryback prohibition until 2021.

The Act also temporarily liberalizes the treatment of NOL carryforwards. For tax years beginning before 2021, taxpayers can take an NOL deduction equal to 100% of taxable income (rather than the present 80% limit). For tax years beginning after 2021, taxpayers will be eligible for: (1) a 100% deduction of NOLs arising in tax years before 2018, and (2) a deduction limited to 80% of taxable income for NOLs arising in tax years after 2017.

The provision also includes special rules for REITS, life insurance companies, and the Code Sec. 965 transition tax. There are also technical corrections to the 2017 Tax Law effective dates for NOL changes.

For assistance or questions, call us today.
 

 
419-625-4942             419-668-2552
Sandusky                             Norwalk

 


Treasury Circular 230 Disclosure

Unless expressly stated otherwise, any federal tax advice contained in this communication is not intended or written to be used, and cannot be used or relied upon, for the purpose of avoiding penalties under the Internal Revenue Code, or for promoting, marketing, or recommending any transaction or matter addressed herein.