The Internal Revenue Service Aug. 20 issued guidance addressing taxpayer questions on the interplay between the two different five-year net operating loss (NOL) carryback provisions Congress enacted in 2009, one targeted at small businesses and a subsequent one providing the NOL carryback relief to most businesses.

In Notice 2010-58, IRS unveiled 20 questions and answers on whether and how taxpayers can apply the two provisions in various circumstances. The first provision, applying to small businesses, was signed into law as part of the American Recovery and Reinvestment Act (ARRA) (Pub. L. No. 111-5), and the second, offering the benefit for most businesses, was enacted under the Worker, Homeownership, and Business Assistance Act (WHBAA).

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