The oldest forging machine at Phoenix manufacturer Valley Forge & Bolt dates all the way back to 1930. Plenty of other forging equipment was bought used and…
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Key members of Congress are seeking to include a significant rollback of net operating loss relief in a COVID-19 relief bill, according to Politico (subscription).
What it is: When a company’s deductible expenses are greater than its revenues, it results in a net operating loss. Under the CARES Act, companies with losses from 2018, 2019 and 2020 can carry these losses back for the five previous years and have the losses offset up to 100% of taxable income, providing critical liquidity through tax refunds.
Some members of Congress now want to limit carrybacks of businesses’ 2020 losses to only two prior tax years, while also limiting the amount of relief for pass-throughs.