NOLs operating losses - CARES ACT - carryback 5 years
1)))))) It's really darn annoying that there is not even a Tax Year 2020 Form 1045
that even fits the 5 carryback years because of the CARES ACT
on the From 1045 itself.
There are only 3 columns for 3 carryback years on Form 1045.
Pretty ridiculous.
How much effort would it have been for the IRS to come out with one measly ONLINE PDF
that has 5 columns?
For 5 carryback years?
I stared at that FORM 1045. It would fit five (double) columns.
Now millions of people have to deal with those 3 limited columns,
when it would have taken 1 little person at the big IRS to adjust that form real quickly.
Geez, most of us can do it in an hour in Excel, complete with pretty colors.
Very little work, it would have cost the IRS.
How much time and energy lost for everyone, millions, having to fill out two Form 1045s
because of the CARES act!
All that double info filling out twice because there is not 1 proper form.
It all seems badly orchestrated by IRS implementing this CARES act.
That TY 2020 with so many of us having losses / almost lost their business or are still going to ....
There shoulda been help.
This makes it surely an paperwork nightmare of sorts.
2)))))) The opt out / waive the carry back 5 years should have run out much later than October 15, 2021.
That's the standard deadline to waive carry backs for a tax year prior.
Who was still thinking about that in 2020 and 2021, that there was a deadline running that didn't run before?
Pre CARES act there was no carrying back, only forward.
Very aggravating!
