I have a small business as a Corporation. I have filed income tax returns form 1120 with IRS every year. I show the Net Operating Loss (NOL) as that year's loss. However, I have never filled history of NOLs (NOL Summary), just the NOL for that year. Would that a problem in future, when I have a profit and want to utilize earlier NOLs. would they look at all my history, or would they refer just to the NOL calculation I did. My calculation was not taking historical NOLs into consideration.
I would appreciate any insights or recommendations on whether not including the full NOL history in each tax return could potentially create complications in the future. I'd welcome your expertise.
