Tax
May 19, 2020
CARES Act liberalizes treatment of loss carrybacks, carryforwards
Do you have tax losses, or are you expecting some? These days, that sounds like a silly question. How losses are treated under the tax law is an important and complex question.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
Do you have tax losses, or are you expecting some? These days, that sounds like a silly question. How losses are treated under the tax law is an important and complex question. In general, our tax system requires you to treat each tax year separately. You tally up your income, deductions and other items, and you figure your tax bill for the tax year based on that. However, the rules for claiming net operating losses essentially operate as an exception.
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