Blog Archives

“NOL Carry Back Allowed to Reduce Outstanding Tax Liability”

Check out what I read in a recent edition of the NATP's TaxPro Weekly publication about Net Operating Loss Carry backs (NOL).... "Chief Counsel Advice (CCA) 201049035 cleared the air regarding whether there is any limitation period applicable to reducing a

Tagged with: , , ,
Posted in Net Operating Loss, NOL

LOOKOUT SMALL BUSINESS OWNERS FILING IRS Form 1120-S or 1065 – Net Operating Loss (NOL) Carry backs trigger Alternative Minimum Tax (AMT)

Please be advised that Net Operating Losses carried back to previous tax years can trigger an Alternative Minimum tax liability in the previous tax year that the loss was carried to, even if you originally did not have a tax

Tagged with: , , , ,
Posted in Alternative Minimum Tax (AMT), Net Operating Loss, NOL

Net Operating Loss Carry Back (NOL)

The key to determining the optimal carry back period may be correctly calculating the minimum tax credit net operating loss. The American Recovery and Reinvestment Act of 2009 (ARRA) permits an eligible small business to elect to increase the net

Tagged with: ,
Posted in Net Operating Loss, NOL

Filing for Net Operating Loss Carrybacks

Relief provided under the Worker, Homeownership, and Business Assistance Act of 2009 (WHBAA) allows taxpayers to elect to carry back a net operating loss (NOL) for a period of three, four or five years, or a loss from operations for

Tagged with: , ,
Posted in Net Operating Loss, NOL
Subscribe via Email

Schedule an Appointment
QuickBooks Advanced Certified ProAdvisors Online

QuickBooks Certified ProAdvisor - QuickBooks Online Advanced Certification