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On December 27, the Consolidated Appropriation Act was signed into law. In addition to funding the federal government in 2021 and providing COVID-related relief to individuals and businesses, the new law amends the Bankruptcy Code in at least nine respects. A brief description of the amendments is included in this article. READ MORE
The CARES Act restores the ability of corporations to carry back net operating losses generated in taxable years beginning in 2018, 2019 or 2020 for up to five years, and removes the limitation on the amount of NOLs that can be carried forward to taxable years beginning in 2018, 2019 and 2020. Therefore, a corporation with NOLs can carry back and carry forward NOLs to reduce taxable income and generate a refund of some or all of the previously paid U.S. federal income taxes. READ MORE
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