THE REVERE ADVOCATE – FRIDAY, AUGUST 13, 2021 Page 17 NET OPERATING LOSS CARRYBACK RULES T GBL PLAYERS at FUTURES DAY IN LYNN: Malden High and Medford High players from the Class of 2024 recently competed in Futures Day at the Lynn Invitational Tournament at historic Fraser Field in Lynn. Shown above, from left, are Malden High’s Zeke Noelsaint, Medford High’s Joey D’Orazio and Malden High’s Jake Simpson and Ryan Cogswell. All four GBLers performed very well at Futures Day. (Advocate Photo) the Revere High School (RHS) Patriots football program and Head Coach Lou Cicatelli as they prepare for their fi rst full season in the GBL. Coach Cicatelli may most likely boast the largest numbers of preseason football signups of all the teams in the GBL, with over 80 players from grades 9-12 expected at Della Russo Stadium when camp opens next week. The veteran Patriots football boss says that his troops are primed and ready to go for a productive preparation for a solid season in the GBL. Revere got its fi rst taste of GBL Malden High rising freshman Jake Simpson makes a nifty play defensively at Lynn Invitational Futures Day. (Advocate Photo) al years in developing some of these young players and working to put Malden High baseball on the map. “Phil Cook and Shawn Nice did a tremendous job with the Middle School Baseball Team in the 2019 Fall Season and now they have dual roles with that team this coming Fall and with the Varsity and Sub varsity season next spring. We are lucky at Malden High to have those guys working with our players,” he said. RHS Patriots Football ready to go for 2021-22 season; open Sept. 17 at GBL rival Chelsea The cup continues to be full for action with a 3-1 foray this past spring in an abbreviated COVID season, fi nishing with a fl ourish in a 48-24 victory over Medford in the fi nale, after recording wins over Lynn English and Lynn Classical and dropping a game to Everett, as the two former longtime GBL rivals renewed their matchup after many years apart. Revere opens up for real on Friday, Sept. 17 on the road at GBLer Chelsea at 6:00 p.m. Revere is at Medford on September 24, at Lynn English on October 1 and then hosts GBLer Malden in its home opener on Friday, October 8. Revere stays home with an October 15 game with GBL’s Everett and is home again on October 22 with league opponent Somerville. Revere concludes the pre-playoff schedule on the road at Lynn Classical on October 29, and after three playoff weeks has a traditional Thanksgiving matchup at home versus Winthrop on November 25 at Della Russo Stadium at 10:00 a.m. EHS sophomores Marshall and Longmore help lead Apex Baseball to New England World Series title Apex Baseball, a 15U travel baseball team from this region, won its fi rst-ever tournament championship recently, and a pair of Everett High sophomores played key roles. Outfi elder Omar Marshall and catcher Justin Longmore were some of the top performers for the Apex Team, which is coached by Gary Meskell, who is also an assistant coach with Somerville High baseball. Apex won the 15U Championship Title in the fi rst New England World Series (NEWS) Tournament, which was held at local parks recently. Both Marshall and Longmore, who will be juniors for Coach Joel Levine’s Crimson Tide baseball squad next spring in 2022, were also members of the Pilots team in Malden Babe Ruth this season, which won the regular season pennant with a fi rst-place fi nish. The Flames won the Malden Babe Ruth League City Series title. The two Apex/Pilots 15 year olds are expected to be key contributors to Everett baseball next spring. A team of Malden players coached by Phil Cook and Shawn Nice competed in the 14U bracket of the NEWS Tournament. North Carolina shooting suspect captured in Revere By Christopher Roberson M arcus Walton, 29, was recently arrested in connection with a fatal shooting that took place last month in North Carolina. On the morning of August 6, law enforcement offi cials reportedly found Walton hiding in a unit on the fi fth fl oor of Washington Place Condominiums at 770 Washington Ave. in Revere. Knowing that he was seconds away from being apprehended, Walton became desperate and attempted to jump from the top fl oor of the building. However, offi cers were able to convince him to remain inside and surrender. Walton was wanted in North Carolina for his alleged involvement in the shooting death of 31-year-old Charles Debnam. Debnam was murdered on the evening of July 31 while volunteering at the Helping Hand Mission in Raleigh, N.C. Walton was also charged with being a fugitive from justice and was arraigned in Chelsea District Court. No additional information was available as the case remains under investigation. he Coronavirus Aid, Relief and Economic Security Act (the CARES Act) was enacted on March 27, 2000. Net operating loss (NOL) rules were changed as a result of the CARES Act. The CARES Act provides for a temporary five-year NOL carryback for most taxpayers, which might entitle many taxpayers to signifi - cant refunds. The Tax Cuts and Jobs Act (TCJA) of 2017 repealed the carryback of NOLs. However, it allowed taxpayers to carry forward NOLs indefi nitely. It also limited the NOL deduction to 80% of taxable income. Before the enactment of TCJA, taxpayers could carry back NOLs for two years and carry forward NOLs for 20 years, and could off set up to 100% of taxable income in each year. The CARES Act provides that NOLs incurred in 2018, 2019 and 2020 may be carried back to off - set taxable income earned during the fi ve-year period prior to the year in which the NOL was incurred. The CARES Act also temporarily removes the 80% of taxable income limitation, thereby allowing taxpayers to utilize NOLs to off set 100% of taxable income in tax years 2018, 2019 and 2020. The CARES Act allows taxpayers whose business is typically profi table but as a result of the Coronavirus the business suff ered an operating loss to be able to carry back the calendar year 2020 NOL up to fi ve years in order to recover income taxes paid during those fi ve years. Losses incurred during tax years prior to January 1, 2018, may be carried forward to tax years beginning after December 31, 2020, without being subject to the 80% limitation. After 2020, the NOL deduction, in any given year, will be limited to 80% of taxable income. For a corporation being able to carry back a 2020 operating loss up to five years will allow for the recovery of taxes paid in those prior years when the corporate income tax rate was at 35% as opposed to the current 21%. This creates even more value to the NOL carryback deduction. It is worth reviewing the 2020 tax returns for both individuals, corporations and partnerships to determine if amending a prior tax return in order to take advantage of a NOL carryback deduction makes sense. It may be that carrying the NOL forward is more advantageous as well as more practical. Joseph D. Cataldo is an Estate Planning/Elder Law Attorney, Certifi ed Public Accountant, Certifi ed Financial Planner, AICPA Personal Financial Specialist and holds a Master’s Degree in Taxation.
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