The U.S. Treasury has published an audit report from the Treasury Inspector General for Tax Administration (TIGTA) dated 31 August 2022 on the need for compliance efforts in relation to Refund claims based on the net operating loss (NOL) carryback provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act amended section 172 to provide for a carryback of any (NOL) arising in a taxable year beginning after 31 December 2017, and before 1 January 2021, to each of the five taxable years preceding the taxable year in which the loss arises. The highlights of the...