May 26, 2020
California Revised Budget Proposal – Suspension of NOLs and Limitations on Business Tax Incentive Credits
Summary Prior to COVID-19, CA was projecting a budget surplus of $5.6 billion for the 2020-2021 fiscal year with March actual revenues coming in $1.35 billion above projections. However, the COVID-19 pandemic changed all that as businesses were forced to temporarily close and lay-off or furlough employees, the entire US economy soon came to an …
April 20, 2020
Revenue Procedure 2020-24 and International Tax Considerations
Background Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) modified section 172 by adding a new section 172(b)(1)(D)(i) which provides that net operating losses (“NOL”) arising in tax years beginning after December 31, 2017, and before January 1, 2021 may be carried back to each of the five tax years preceding the taxable year …