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Business & farm
since 2020 isn't over yet, is this really the year of the NOL if so you make an election on the 2020 return to forgo the NOL carryback period so the NOL can be carried forward to 2021. As long as the corp remains a C-Corp the NOL can be used. You talk about a C-Corp. electing S-Corp status. this throws a monkey wrench in your planning. The C-Corp NOL can't be used while the Corp is being taxed as an S-Corp. there can be other consequences of converting - consult a tax pro
‎July 24, 2020
12:45 PM