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corporate tax
Hello, I hope an accountant can help answer my question, I incurred major losses during 2017 business operations because of an mental illness I went through and I am just getting around to filling the year end 2017 just now. I know the carry back changes only can be used for year ending 2017 but I am filling way late, will I still be able to carry back losses to offset tax year ending 2015 and 2016. Any help would be great. thank you
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Business & farm
@needhelp1980 wrote:
...will I still be able to carry back losses to offset tax year ending 2015 and 2016.
If you have NOLs that arose before 2018, they are still subject to the 2-year carryback rule.
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Business & farm
Thank you for your response, I just was not sure because I have not filed year ending 2017 until today. Thank you again
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Business & farm
you don't really have a choice but to file a carryback claim. for the carryforward election to be valid it must be filed with a timely filed return which yours was not.