NOL Carryback for Small Business

[liltax]

I know the deadline for the NOL carryback for 5 years for small businessess is approaching. My question is if the corporation is a S Corp do I need to amend the S corp to accept this election? Then I will need to amend the years that the loss will effect for corporation then amend personal returns?

Thanks

[JG EA]

Sunday is a "hard to think" day. But if there is a loss on the S-Corp return, that loss goes to the shareholders' returns and the NOL is there and then carried according to 1040 rules.