Article Date:
May 2020


Word Count:
1062

 

 

Quick Cash: COVID-19 CARES Act Creates Five-Year NOL Carryback


For many years, thanks to the net operating loss (NOL) provisions, the tax code gave you quick cash in your pocket if you had an overall net loss in a tax year.

 

Unfortunately, starting in 2018, the Tax Cuts and Jobs Act (TCJA) took away your ability to get almost instant benefit from your NOL.

 

Now, due to the COVID-19 pandemic, Congress temporarily restored your ability to get fast cash from your net operating losses—even losses incurred in prior years (2018 and 2019).

 

We’ll go over how you can turn an NOL from 2018 or 2019 into some soon-to-be-had cash, and we’ll also help you navigate the tricky rules you have to follow to get that cash now. ... Log in to view full article.

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