Nov 30, 2020
In this episode of McGuire on the Wire, Dave McGuire explains updates under the CARES Act to net operating loss (NOL) carrybacks and related tax planning opportunities. The CARES Act provides a five-year NOL carryback, which can help most taxpayers access significant refunds. Considering a cost segregation study and accessing additional depreciation deductions is especially important in an election year, as President-Elect Joe Biden may attempt tax policy changes in 2021. Dave also explains additional provisions from the IRS which could provide tax relief.