IRS Updates Guidance on Temporary Procedures to Fax Forms 1139 and 1045 to Obtain Quick Tentative Refunds due to NOL Carrybacks and Accelerated Use of AMT Carryforward Credits

In an April 17, 2020 post to the Liskow Energy Law Blog, we advised our clients and friends that the Internal Revenue Service (“IRS”) had published guidance on how refunds attributable to the CARES Act newly-permitted 5-year carryback of NOLs in section 172 of the Internal Revenue Code (the “Code”) and the accelerated use of … Continue Reading

New IRS Guidance on Obtaining Refunds for Net Operating Loss Carrybacks, Corporate AMT Carryforward Credits and Filing Amended Returns for Partnerships

By John T. Bradford on April 17, 2020 Posted in Energy & Natural Resources, Exploration and Production, Finance, Mergers & Acquisitions, Oil & Gas, Tax

In a previous post to the Liskow website, we advised clients and friends that the CARES Act, P.L. 116-136, enacted modifications to the rules for the use of net operating losses (“NOLs”) and corporate alternative minimum tax carryforward credits (“AMT Carryforward Credits”) for tax years beginning after December 31, 2017 and before January 1, 2021. … Continue Reading

Increasing Scrutiny of Foreign Investment in the U.S.: BOEM Puts Companies on Notice of Potential CFIUS Review of Bids at Upcoming Federal Offshore Lease Sale

By Jana Grauberger and Marilyn C. Maloney on March 2, 2020 Posted in Energy & Natural Resources, Industry News, Mergers & Acquisitions, Offshore, Oil & Gas, Regulatory

The Bureau of Ocean Energy Management (BOEM) recently issued an Information to Lessees (ITL) regarding the potential applicability of new regulations issued by the Committee on Foreign Investment in the United States (CFIUS) to bids at the upcoming March 18th federal offshore lease sale (Lease Sale 254), which will offer for lease all available, unleased … Continue Reading