My business is set up as a C Corp. In 2014 the business incurred a net operating loss (NOL) of - $8,000. For some reason, the Turbo Tax for Business program I used to prepare the 2014 corporate return did not create a NOL carryover worksheet. Consequently, small net incomes that the business made in 2015, 2016, and 2017 were not reduced with the 2014 NOL carryover to those years. I just finished my Corp. tax return (using TurboTax for business 2018) and the business has taxable net income of $3,614. Turbo Tax figured my business owes the IRS about $700 for the 2018 tax year. Has the new tax law done away with or significantly shortened the NOL carryover (carry forward) ? Can I use the -$8,000 NOL from 2014 to offset the taxable income in 2018? Please advise and let me know how to go back and fix this with the NOL carryover worksheet in 2014. Thank you, [pii removed]
