How it works
Under the CARES Act, businesses can now carryback up to five years of net operating losses (NOLs) for tax years 2018, 2019 and 2020. In short, this means some taxpayers will be able to receive additional refunds on taxes previously paid.
Things to consider
Consult with your tax preparer to estimate your business losses for 2020 and file amended returns to potentially receive refunds for previous years.