The U.S. IRS has announced guidance under the Coronavirus Aid, Relief, and Economic Security (CARES) Act to taxpayers with net operating losses. --- IR-2020-67, April 9, 2020 WASHINGTON — The Internal Revenue Service today issued guidance providing tax relief under the CARES Act for taxpayers with net operating losses. Recently the IRS issued tax relief for partnerships filing amended returns. COVID Relief for taxpayers claiming NOLs Revenue Procedure 2020-24 (PDF) provides guidance to taxpayers with net operating losses that are carried back under the CARES Act by providing procedures for: waiving the carryback period in the case of a net...