On 27 March 2020, United States (US) President Trump signed into law the roughly US$2 trillion bipartisan Coronavirus Aid, Relief, and Economic Security Act, H.R. 748 (CARES Act), which includes modifications to the Internal Revenue Code (IRC)1 intended to provide economic relief to those impacted by the COVID-19 pandemic.For multinational corporations, some of the more significant tax changes under the CARES Act consist of the following:Changes to NOL rules under Section 172(a)The CARES Act temporarily suspends the 80% taxable income limitation on the use of a net operating loss (NOL) to offset taxable income for tax years beginning after 31 December 2017 and...