On Thursday, April 9, 2020 the IRS issued updated guidance on three (3) important pieces of the CARES Act and COVID relief legislation. The new guidance is focused around filing and payment deadlines, claiming net operating losses (NOL) and additional guidance on NOL carrybacks.
It is important to note that as of the date of this announcement, not all states have adopted the same relief provisions (i.e. – Arizona and Arkansas). Please consult your Frost representative(s) for guidance.
Here at Frost, PLLC we are actively monitoring the situation and are available to help you navigate these turbulent times.
Please contact your Frost representative(s) with any questions.