Tax provisions relating to net operating losses (NOLs) have changed over the years to respond to issues in the financial markets. Most recently, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted to provide relief to taxpayers in the midst of the coronavirus pandemic, including through more favorable NOL provisions. PE sponsors may be able to avail themselves of that NOL treatment to mitigate the financial harm caused to their portfolio companies by the coronavirus pandemic. In a recent Troutman Pepper program, partners Steven D. Bortnick and Todd B. Reinstein examined contexts in which NOLs can arise, the various provisions that have governed NOLs in recent years and practical issues that may arise from overlapping rules when PE firms attempt to take advantage of the current CARES Act provisions by carrying back NOLs to prior years. This article summarizes the key takeaways from the webinar. For further insights from Bortnick, see “Tax Expert Provides Insight Into Recent U.S. Tax Court Decision on Taxation of Foreign Investments in U.S. Partnerships” (Dec. 7, 2017); and “Tax Proposals and Tax Reforms May Affect Rates and Impose Liabilities on Fund Managers” (Apr. 16, 2015).