EYUS IRS issues FAQs on interaction of NOL carrybacks and Section 965 inclusions
|Tax Alerts, National/Federal Taxation, L ...|United States
On 23 April 2020, the United States (US) Internal Revenue Service (IRS) issued instructions and other clarifying guidance in the form of Frequently Asked Questions (FAQs) for taxpayers that are claiming refunds under the new net operating loss (NOL) carryback provisions and have Internal Revenue Code1 Section 965 transition tax liabilities during the carryback period.
Background
In an effort to…
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