Yes, in 2017 the Tax Cuts & Jobs Act disallowed carryback of NOL's. You are correct that originally it could be carried back five years. The 2017 TCJA also limited NOL deductions to 80% of taxable income.
Here's detailed info on NOL's from IRS Pub. 536.
Yes, in 2017 the Tax Cuts & Jobs Act disallowed carryback of NOL's. You are correct that originally it could be carried back five years. The 2017 TCJA also limited NOL deductions to 80% of taxable income.
Here's detailed info on NOL's from IRS Pub. 536.
just because schedule C shows a loss doesn't mean you have an NOL. you should use form 1045 Schedule A to compute it
in short, an NOL is the excess of business losses or items of business income reduced by the excess, if any, of nonbusiness income over nonbusiness deductions.