RoamingCPA
Level 3

My understanding of the law changes is that the 80% maximum of prior year NOL was repealed, that now 100% should be allowed but that is not the case in the return I'm working on.  It is limiting the NOL from 2018 carried forward to 2019 to 80% of the 2019 income.  Am I reading this correctly:

The CARES Act repeals the 80% income limitation for NOL carryovers that can be deducted in tax years beginning before January 1, 2021.

From that I thought it meant that the carryover would flow in at 100%...