The CARES Act includes a retroactive technical correction to the Tax Cuts and Jobs Act (TCJA) for NOL carrybacks related to taxpayers with fiscal years beginning before January 1, 2018 and ending after December 31, 2017 (“straddle year”). 

The CARES Act provides guidance for the following:

  • Tentative refund requests made pursuant to IRC §6411(a) may be made for a period of 120 days after March 27, 2020, the date of enactment of the CARES Act
  • Form 1139, Corporation Application for Tentative Refund, must be used by corporate taxpayers
  • The NOL carryback period for any straddle year taxpayer refund request will be two years, the carryback period in place prior to the enactment of TCJA