TAX NEWS - January 2010
Tax controversy updates: Procedural guidance on the five-year NOL carryback
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.