RoamingCPA
Level 3
04-02-2020
06:34 PM
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My understanding of the law changes is that the 80% maximum of prior year NOL was repealed, that now 100% should be allowed but that is not the case in the return I'm working on.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%...