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.

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