NOL Reference Guide for Insurers

The carryforward and carryback rules for net operating losses (NOLs) have seen several modifications in the past few years under the Tax Cuts and Jobs Act of 2017 (TCJA) and the Coronavirus Aid, Relief, and Economic Security Act of 2020 (‘CARES Act’). As a result, taxpayers might find themselves in the position of having multiple categories of NOLs subject to different carryback, carryforward, and income-limitation provisions. It is important to maintain track of these different categories for tax return purposes, as well as tax attribute disclosures for financial reporting purposes. The reference guide below provides a summary of the carryback and carryforward provisions applicable to NOLs based on the tax year and the type of company generating the NOL.

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