NOL deadline?

[Possi]

My client has a NOL carrying forward and they are late getting their information to me.

Will they lose the NOL because of late filing? I looked in the Tax Library but I don't see it there, not in topics anyway.

[WhiteOleander]

The NOL is calculated no matter when the return is prepared. However, if the return is not timely filed, including extensions, the election to forgo the carryback is lost. So, that means the NOL must be carriedback two years before it can be carried forward to future years.

[Gretel]

My client has a NOL carrying forward and they are late getting their information to me.

Will they lose the NOL because of late filing? I looked in the Tax Library but I don't see it there, not in topics anyway.

If you are dealing only with a NOL coming from 2010 and earlier you should be fine. If you also expect a NOL for 2011 it might be different depending on how many years in a row your client had a NOL.

[Possi]

Thanks!

I'll check on that.