TAX NEWS - January 2010

Tax controversy updates: Procedural guidance on the five-year NOL carryback

On November 20, 2009, the IRS issued Revenue Procedure 2009-52 providing procedural guidance regarding the five-year
NOL carryback, including:

- How to file a carryback on a federal income tax return, a tentative refund claim, or amended tax return.

- The due date for making a five-year carryback election and language to include on the required election statement.

- Procedures for taxpayers that previously filed a carryback application or claim and now want to amend it to utilize
the five-year NOL, or elected to waive the NOL carryback period and now want to revoke such election.

- The application of the rules to affiliated groups.
In addition to Rev. Proc. 2009-52, further technical guidance from the IRS is expected.