June 1, 2020

IRS Provides New FAQs On Net Operating Loss And Corporate AMT

Last week, the U.S. Internal Revenue Service (IRS) issued an updated frequently asked questions document outlining changes Congress recently made to the tax code’s net operating loss provision and the corporate alternative minimum tax (AMT). (Connecting the Dots reported on these changes here and here.)

The NOL provision allows companies to use tax losses from 2018, 2019, and 2020 to offset income from the previous five years, which includes years in which the AMT was in effect.