Does Form 1120S "S Corporation Shareholder Stock and Debt Basis Limitations Worksheet" go to the IRS? in Business & farm
Where do I enter Section 179 Carryover from prior year for Sub-Chapter S Corp in Get your taxes done using TurboTax
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