In late March, the Massachusetts Department of Revenue (the “Department”) finalized a new regulation governing Massachusetts net operating losses (“NOLs”). In this webinar we discuss the new regulation and how it interacts with the Massachusetts combined reporting rules.
We also discuss how to avoid some traps for the unwary that can cause Massachusetts NOLs to be limited or lost because of restructuring transactions, as well as positions that can maximize the value of prior year NOLs (including NOLs you may have assumed were lost). For financial institutions, which cannot deduct prior year losses, we explore some positions that can reduce or eliminate “phantom income” resulting from the inability to deduct NOLs.
Access the 40-minute webinar on ON24.
Client Alert 2020-308