IRS Memorandum 20202501F (June 19, 2020): NOL Carryforward Audit in taxable year for issue previously audited in taxable year not allowed

In IRS Memorandum 20202501F (June 19, 2020), IRS Chief Counsel concluded that the IRS can’t audit two net operating loss (NOL) carryforwards from previously audited tax years where the IRS had previously disallowed the NOLs, but, after the taxpayer protested, the IRS Office of Appeals (Appeals) allowed the NOLs.

To see IRS Memorandum 20202501F (June 19, 2020) click here.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal..

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s