statute of limitation on 1120

[eziam]

One nonprofit entity thought they were exempted and never filed 1120 for 15 years.

They just found out they are not exempted and IRS did not accepted their request for retroactive reinstatement.

They now are looking at filing 15 years of 1120.

Is there a statute of limitation on how many years they have to go back?

Are they still allowed to carry back and forward their losses?

Thanks,

Eziam

[tagteam · Accepted solution]

There is no limitation on assessments in cases where no return is filed; the statute only begins to run once a valid return has been filed.

See I.R.C. §6501(c)(3)