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annb
Level 2
February 23, 2021

NOL

  • February 23, 2021
  • 1 reply
  • 9 views

I have a corporate client who just filed a 2016 and 2017 tax return with substantial profits (very late filing).  I completed the 2018 and there is a loss.  Can I file Form 1139 to apply the NOL back to 2016 and 2017 or is it too late to do this since the returns are being filed beyond the due date.

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    1 reply

    sjrcpa
    sjrcpa
    Level 15
    February 24, 2021

    Too late for the 1139.

    You can do amended returns for the carryback.

    The more I know the more I don’t know.
      rbynaker
      rbynaker
      Level 13
      February 24, 2021

      Did CARES retro back to 2018?  So T-5 years would be amended 2013 first, then carried forward from there?  I'm probably missing something, I don't see many NOLs.

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