The CARES Act allows special treatment for net operating losses incurred in 2018, 2019, and 2020. Which of the following is not included in that special treatment?

d. Taxpayers may claim the carryback using Form 1045 at any time within three years of the due date of the return for the NOL year.

Explanation:

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, was signed into law in the wake of the effects of the Coronavirus pandemic that swept the nation in 2020.

Under this Act, all NOLs may be carried back five years and taxpayrs were allowed to waive their carryback period by attaching a statement to their 2020 return.

The Act however, did not allow for taxpayers to claim their carryback using Form 1045 at any time within three years of the due date of the return for the NOL year as this Act was only passed to cushion the effects of the pandemic in 2020.

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