S-Corp has a defense of the CARES Act NOL/Loss Limitation rules in today’s Washington Examiner. The piece begins:
For weeks, we’ve heard that the net operating loss and loss limitation relief included in the CARES Act is a “massive” tax break for “hedge funds” that was “snuck” into the bill at the last moment. Those of us who advocated for this provision know none of this is true. Here are the key facts readers need to know.
First, the policy at issue is important, even though it may not seem exciting. It gives businesses suffering net operating losses the ability to recognize those losses more quickly. Under the CARES Act, they can file amended returns and claim refunds against taxes they paid in prior years, or they can apply the net operating losses against other forms of income earned this year, including investment and wage income.
You can read the entire op-ed here.