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Net Operating Loss Carry Over and Carry Back – IRS Publication 536 – IRC 172 + 6511

Posted on January 20, 2012 by John R. Dundon II, EA — No Comments ↓

Business Entity Selection and the Tax Consequences of Converting

Generally speaking a net operating loss (NOL) for any tax year may be carried back two years and forward 20 years under Internal Revenue Code Sec. 172(b)(1)(A). A three-year carry back period applies to NOLs arising from property losses of individuals due to…

Tagged with: IRS Publication 536, Net Operating Loss, NOL
Posted in Net Operating Loss, NOL

Net Operating Loss Carry Back

Posted on September 16, 2011 by John R. Dundon II, EA — No Comments ↓

I have been developing quite an expertise in resolving Net Operating Loss carry back matters yet with each new situation there is something new that seems to be discovered. IRC section 6511(d)(2) states, a claim for credit or refund that…

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

“NOL Carry Back Allowed to Reduce Outstanding Tax Liability”

Posted on July 21, 2011 by John R. Dundon II, EA — No Comments ↓

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: Carry back, Net Operating Loss, NOL, NOL Carryback
Posted in Net Operating Loss, NOL

How to Account for Net Operating Loss when Merging Entities

Posted on June 20, 2011 by John R. Dundon II, EA — No Comments ↓

You can merge both a profitable entity with an entity that has a Net Operating Loss assuming that both entities have common ownership or sufficient overlap and a limited history of owner shifts. The Net Operating Loss of the dissolved…

Tagged with: Net Operating Loss, NOL
Posted in Net Operating Loss, NOL, Small Business, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

More on Net Operating Losses (NOL) and IRS Form 1045 Application for Tentative Refund

Posted on May 4, 2011 by John R. Dundon II, EA — No Comments ↓

The basic intent of the tax laws governing Net Operating Losses (NOL) is to provide tax payment relief and reduce the need to make tax payments in related years when a loss is not incurred in business or trade. Difficulty…

Tagged with: IRS Form 1045, Net Operating Loss, NOL
Posted in Net Operating Loss, NOL

Net Operating Loss (NOL) Carryback Allowed to Reduce Outstanding Tax Liability

Posted on February 17, 2011 by John R. Dundon II, EA — No Comments ↓

Generally, a claim for credit or refund of an overpayment must be ﬁled by the taxpayer within three years from the time the return was ﬁ led or two years from the time the tax was paid, whichever is later [§6511(a)]. There…

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

How to Report Net Operating Loss (NOL) Carry Forward on an IRS Form 1040

Posted on January 25, 2011 by John R. Dundon II, EA — No Comments ↓

If you carry forward your NOL to a tax year after the NOL year, list your NOL deduction as a negative figure on the Other income line of Form 1040 or Form 1040NR (line 21 for 2009). Estates and trusts…

Tagged with: Net Operating Loss, NOL
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)

Posted on January 13, 2011 by John R. Dundon II, EA — No Comments ↓

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: Alternative Minimum Tax, AMT, IRS Form 1045, NOL, NOL Carryback
Posted in Alternative Minimum Tax (AMT), Net Operating Loss, NOL

Net Operating Losses

Posted on October 27, 2009 by John R. Dundon II, EA — No Comments ↓

Sec. 172(a) allows taxpayers to deduct against a tax year's income those net operating losses both carried over to the tax year from previous tax years and carried back from later tax years. An NOL basically is the excess of…

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

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