Casualty loss creating an NOL

[susieq]

New client's former accountant failed to declare a casualty loss on the 2004 return. Loss will create an NOL. Do you think the IRS would allow a carryforward of the NOL due to the preparers neglect, question of capacity due to health and subsequent death (accountants) and missed opportunity to make the election to carry forward ?

[Kram BergGold]

No

I believe if a timely election to forego carryback is missed then you have to go back, no exceptions.