Islame Hosny (Associate-New Jersey) contributed an article, “Beware an Invalid Election to Waive the CARES Act NOL Carryback Period,” to the September 28, 2020, edition of Tax Notes Federal regarding the changes to tax law made by section 2303 of the CARES Act with respect to net operating losses arising in tax years beginning after December 31, 2017 and ending before January 1, 2021. Islame explains how an improper or late election to waive the five-year carryback period, when combined with a failure to timely carry back 2018 and 2019 net operating losses, could cause taxpayers to lose those NOLs forever. 

Read the Article.