The IRS recently provided guidance in Revenue Procedure 2020-24 and Notice 2020-26 to assist taxpayers on how to take advantage of the new five-year net operating loss carryback provision or waive it under the CARES Act. The Act added a five-year net operating loss carryback period and repealed the 80% limitation on losses incurred in tax years beginning after December 31, 2017 and before January 1, 2021. Taxpayers can now carryback 2018 and 2019 losses to as far back as 2013 and 2014 to recoup prior tax paid. Before this guidance was issued, taxpayers were uncertain how and when to file the carryback claims because Form 1045 (taxpayers other than corporations) or Form 1139 (corporate taxpayers) for 2018 was due no later than December 31, 2019.