The tax experts at our forest products community ally, The American Forest and Paper Association, have shared the below information regarding relief for taxpayers claiming Net Operating Losses (NOLs).
In the following links, please find an IRS press release, an IRS revenue procedure, and an IRS notice providing tax relief under the CARES Act for taxpayers with net operating losses. The revenue procedure provides relief for taxpayers claiming NOLs. The notice provides a six-month extension of time for filing NOL forms.
The IRS, on April 9, issued Notice 2020-23, announcing the automatic extension of additional key tax deadlines for individuals and businesses. This announcement follows last month’s announcements in (1) Notice 2020-18, providing that taxpayers generally have until July 15 to file and pay federal income taxes originally due on April 15, and (2) Notice 2020-20, providing additional automatic extension relief, postponing certain federal gift (and generation-skipping transfer) tax return filings and payments. Notice 2020-23 generally expands this automatic extension relief to all taxpayers that have a filing or payment deadline falling on or after April 1 and before July 15 (originally or pursuant to a valid extension).
Thank you to NHLA and Hardwood Federation for providing this information.