Client has a NOL carryforward from 2003. We attached the statement to the tax return stating it would be carried forward, not back. The 2003 tax return was timely filed.
The 2004 tax return has just been prepared. Once again there is a NOL. The IRS instructions are pretty clear that the return must be timely filed if a NOL is being claimed. Obviously all extension have expired and the 2004 is not being timely filed. But is the timely filed just for a carryback - the instructions don't talk much about the carryforward only issue?
It will be the same for 2005 - there will probably be NOL. But no timely filing.
And then there is 2006. Best guess is that it will not get done by Oct 15.
So my question is - can the NOL from 2003 be used in the first year applicable?
Is the NOL for 2004 moot? same with 2005?
The NOL for 2005, if any, will be moot.
And 2006 probably won't have a loss and probably won't be done on time anyway.
Thanks for any help offered.
The 2004 tax return has just been prepared. Once again there is a NOL. The IRS instructions are pretty clear that the return must be timely filed if a NOL is being claimed. Obviously all extension have expired and the 2004 is not being timely filed. But is the timely filed just for a carryback - the instructions don't talk much about the carryforward only issue?
It will be the same for 2005 - there will probably be NOL. But no timely filing.
And then there is 2006. Best guess is that it will not get done by Oct 15.
So my question is - can the NOL from 2003 be used in the first year applicable?
Is the NOL for 2004 moot? same with 2005?
The NOL for 2005, if any, will be moot.
And 2006 probably won't have a loss and probably won't be done on time anyway.
Thanks for any help offered.
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