Due to the COVID-19 pandemic, many small and mid-sized manufacturers expect to have significant net operating losses in 2020. What makes this prospect more discouraging is that some companies are still recovering from NOLs suffered in recent years.
The Coronavirus Aid, Relief and Economic Security Act provides some relief. It has revamped the NOL rules, undoing some of the effects of the Tax Cuts and Jobs Act passed in 2017. This means your company may be in line for a refund if you amend previous tax returns.
However, the CARES Act rules are complex. It's essential to consult recently released IRS guidance that covers some of the mechanics of requesting a refund — and talk with your CPA — before filing an amended return.