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A Chicago bankruptcy court recently ruled in In re Hitz Restaurant Group that a debtor’s obligation to pay rent during its bankruptcy case may be temporarily reduced because of a force majeure clause in the lease and the governor’s COVID-19 stay-at-home order. 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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