6 results in 0.0013 seconds.
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NOL and Unpaid A/P
I have a C corporation that has about $ 50,000 in accounts payable that it will not be required to pay when it closes down the corporation and this has contributed to an NOL that has carried over from previous years. There will be an influx of income from a lawsuit in the final year from another source that will come into the corporation and the NOL... -
Amend Prior Year Return for NOL
Question for anyone who can help: I have a new client. The TP filed his 2006-2013 returns, all as MFS, in late 2014. The 2010 return generated a NOL but the preparer neglected to carry it anywhere. The TP has a large (unpaid) multi-year balance, and the spouse's 2010 return had a (paid) sizable tax liability.
Is there any way to either:... -
NOL from Amended tax return not processed yet - filing 2014
I have a client who I filed a 2010 1040X with an NOL that we chose to carryforward.
We have a letter that the Amended tax return has been received and is processing.
The amended tax return was already looked at by Audit and they chose not to contest it.
I'm assuming we won't get word by October 15th.
My question is how do... -
GA NOL Carryforward
Assuming one makes the election to forego the carryback of a NOL and has to carry it forward, but the NOL is for GA only (not a Federal NOL), where does it get entered on the next year's GA return? Other Subtractions Statement, Line 17, just write in "NOL carryforward"? I can only find information on carrying it back using Form 500-NOL,... -
Dependent with NOL.
Is there any reason someone claimed as a dependent cannot claim an
NOL? I can't seem to find anything. (This is an adult dependent with only earned income.) -
Debt relief, insolvency and NOL
A client has debt relief income, is insolvent, and also is carrying an NOL much in excess of the debt relief. It doesn't seem to me that there is any point bothering with Form 982 instead of simply applying the COD income against the NOL. Am I missing anything?