OrbitaxU.S. IRS Updates FAQs on Carryback of NOLs by Certain Exempt Organizations
|Approved Changes|United States
The U.S. IRS has published updated FAQs on the carryback of NOLs by certain exempt organizations in light of the carryback provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
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FAQs - Carryback of NOLs by certain exempt organizations
Background
An exempt organization may engage in more than one unrelated trade or business. Previously, an exempt organization…
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