IRS Issues Fixes To Loss Rules For Consolidated Groups

The Internal Revenue Service issued corrections Thursday to temporary rules for corporations filing consolidated tax returns, fixing errors in the regulations that took into account changes made to net operating loss carrybacks from recent coronavirus relief legislation.

The agency published fixes to the rules released under Internal Revenue Code Section 1502 , which took into account the carryback period for net operating losses extended by the Coronavirus Aid, Relief and Economic Security Act of 2020, according to a notice. The corrections included revisions to citations in the rules, which were issued July 9, the IRS said.

--Additional reporting by Eric Kroh. Editing by John Oudens.

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