NOL Carryback

[Tom Cox]

I am not sure how to apply the carryback rules. 

I understand the Cares act allowed NOL for 2018,2019 and 2020 to be carried back 5 years. 

What is the latest date to file an amended return for the 2019 carryback?

Is it 3 years from the actual filing date of the 2019 return?

Or if this is a 2nd amendment, is it 3 years after that return was filed? 

Or 3 years after the Cares act was passed?  

Is it too late to file amended 2019 or 2020 returns?

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[Lee Reams]

Tom, 

The CARES Act indeed allowed for a five-year carryback for net operating losses (NOLs) arising in 2018, 2019, and 2020. 

·      Three-Year Rule: Generally, you have three years from the date you filed your original return to file an amended return. If you filed your 2019 tax return on April 15, 2020, you would have until April 15, 2023, to file an amended return.

·      Second Amendment: If you are filing a second amended return, the three-year period would still be calculated from the date the original return was filed, not from the date the first amended return was filed.

·      CARES Act Passage: The CARES Act was signed into law on March 27, 2020. However, the statute of limitations for filing an amended return is not extended by the passage of the CARES Act itself. The standard three-year rule still applies.

Lee 

On Jun 24, 2024, at 10:07 AM, Tom Cox <tomc...@gmail.com> wrote:

I am not sure how to apply the carryback rules. 

I understand the Cares act allowed NOL for 2018,2019 and 2020 to be carried back 5 years. 

What is the latest date to file an amended return for the 2019 carryback?

Is it 3 years from the actual filing date of the 2019 return?

Or if this is a 2nd amendment, is it 3 years after that return was filed? 

Or 3 years after the Cares act was passed?  

Is it too late to file amended 2019 or 2020 returns?

 

	Lee Reams Sr., BSME, EA Chief Content Officer CountingWorks Pro | CountingWorks | TaxBuzz | TaxCPE p: 1.800.442.2477 x240 w: www.countingworkspro.com/  e: lee....@countingworks.com
See how CountingWorks can grow your practice.

 

[JERI LYNN BARE]

Client has suspected LLC.  For Ca

Went online and paid $200

But still shows suspended

Now what do I do

Thank you

Jeri lynn bare. Ea

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---

From: clientwh...@googlegroups.com <clientwh...@googlegroups.com> on behalf of Lee Reams <lee....@clientwhys.com>
Sent: Monday, June 24, 2024 11:44:25 AM
To: clientwh...@googlegroups.com <clientwh...@googlegroups.com>
Subject: Re: [clientwhysconnect] NOL Carryback

 

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[Lee Reams]

Not sure paying $200 solves the problem.  The FTB offers a web page on how to revive a suspended business depending upon the circumstances.

Lee

To view this discussion on the web visit https://groups.google.com/d/msgid/clientwhysconnect/SN7PR12MB781141466957F5CCA853884BC7DC2%40SN7PR12MB7811.namprd12.prod.outlook.com.