The U.S. IRS has published a memorandum dated 7 February 2022 that contains interim guidance for examining tax returns reporting net operating losses. The guidance is issued to Small Business / Self-Employed Division (SB/SE) and Large Business & International (LB&I) examination operations. The purpose and background information for the guidance is as follows:
---
Interim Guidance for Examining Tax Returns Reporting Net Operating Losses
This memorandum issues guidance to SB/SE and…