NOL Question

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  • mhcpa1964
    Member
    • Jul 2020
    • 81
    #1

    NOL Question

    Hello all,

    I have a new C corp client, very small but that's the entity they want. They formed in 2019 and had a loss. Same tax firm prepared 2019 and 2020 but they did not use the NOL in 2020.

    Can I use it on the 2021 return? Or does the 2020 need to be amended.

    Any pointers and suggestions are appreciated.
    Tags: None
    • ATSMAN
      Senior Member
      • Jul 2013
      • 2415
      #2
      Amend 2020 and if there is still a NOL prepare 2021.
      Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

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