IRS Relief Information
The tax experts at our forest products community ally The American Forest and Paper Association (AF&PA) 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).
We would like to thank our partners at the Hardwood Federation for providing this critical information to us.
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