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FAQ

How do net operating loss carryforwards and carrybacks work?
Publication 536 (2021), Net Operating Losses (NOLs) for Individuals, Estates, and TrustsCorporations generally have the same NOL rules as individuals. The carryback period is two years, carryofrward is 20 years. A 1120X is filed within three years of the due date (including extensions) of the return for the loss year. Alternately, the firm can file a Form 1139 - corporate application for tentative refund.Please note the NOL doesn't include corporate charitable contributions and the DRD goes before calculating the NOL. Source: 2H2021 Becker Regulation text, p. R3-20
How does corporate tax refund work?
Assuming we are talking about a current year federal income tax refund, if you file the Form 1120 and indicate on the form that you want a refund as opposed to a credit carry forward they will just send you the money.Form 1139 will get you a refund for a net operating loss carry back if you file it within 1 year of the end of the year you imcurred the net operating loss. If you miss that deadline an 1120x…amended return will be necessary. The difference is the timeliness of the refund as they can always audit the claim.
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