6/30/2021
Revenue Procedure 2021-14 Special elections for taxpayers with Farming Loss NOLs
Provides guidance regarding elections and revocations related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES Act provides special rules for taxpayers with a net operating loss (NOL) for any taxable year beginning in 2018, 2019, or 2020, all or a portion of which consists of a “farming loss”.
This revenue procedure prescribes
When and how to make an election with regard to all NOLs of the taxpayer, regardless of whether the NOL is a Farming Loss NOL
A taxpayer is treated as having made a deemed election under the CARES Act if the taxpayer, before December 27, 2020, filed one or more original or amended Federal income tax returns, or applications for tentative refund, that disregard the CARES Act Amendments with regard to a Farming Loss NOL
When and how to revoke an election made to waive the two-year carryback period for the farming loss portion of a Farming Loss NOL incurred in a taxable year beginning in 2018 or 2019
Revenue Procedure 2021-14 will be in IRB: 2021-29, July 19, 2021.