IDR Releases New Tax Guidance: NOLs Incurred During COVID-19 Pandemic

IDR Releases New Tax Guidance: NOLs Incurred During COVID-19 Pandemic

President Donald Trump's pandemic disaster declaration affects all net operating losses incurred in Iowa after January 20, 2020. The Department has released the following tax guidance to explain this update:

• 3-Year Carryback for Iowa NOLs Incurred by Individuals During the COVID-19 Pandemic
  This requires any net operating loss incurred by an individual engaged in a small business or farming business in Iowa after January 20, 2020 to be carried back 3 years, unless an election was made to waive the carryback period or to use the 5-year carryback period for farmers.

To receive notifications of resources and guidance issued by the Department, subscribe to updates by selecting the tax topics of interest.

---

The mission of the Iowa Department of Revenue is to serve Iowans and support state government by collecting all taxes required by law, but no more.

---