have there been any development on technical correction regarding NOLs arising in tax years ended in 2018? To be more specific for fiscal year-end corporations’ NOLs arising in 2017 tax year but fiscal year-ended in 2018. Are NOLs in this circumstances still subject to the new law and therefore precluded from being carried back?
Here is from our May seminar material. The TCJA amendments limiting the NOL carryover to 80% of taxable income apply to losses from tax years beginning after December 31, 2017, whereas the changes to the NOL carryovers and
carryback periods apply to losses arising in tax years ending after 2017.