Final regulations on consolidated NOLs, OIRA review completed

Final regulations on consolidated NOLs

OMB’s Office of Information and Regulatory Affairs (OIRA) reported it has completed its review of final regulations concerning consolidated net operating losses (NOLs).

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Treasury regulations that are identified as “major” regulations are subject to review by OMB’s OIRA before being issued, pursuant to Executive Order 13771. Accordingly, knowing the status of OIRA review of Treasury regulations can help in predicting when regulations may be issued by Treasury and the IRS.

According to OIRA, review of the final regulations was completed on October 9, 2020:

Temporary regulations and proposed regulations were issued in July 2020 as guidance under sections 1502 and 172 regarding consolidated NOLs. Read TaxNewsFlash

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