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Monday, December 23, 2019 9:58:48 AM
Prior to the implementation of the Tax Cuts and Jobs Act (TCJA) in 2018, the Internal Revenue Service (IRS) allowed businesses to carry net operating losses (NOL) forward 20 years to net against future profits or backwards two years for an immediate refund of previous taxes paid. Because the time value of money shows that tax savings in the present are more valuable than in the future, the carryback method was the more beneficial choice. After 20 years, any remaining losses expired and could no longer be used to reduce taxable income.
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