Honoring Ramadan, Easter, Passover It’s TaxQuips time from TaxMama.com® Today TaxMama® wants talk to you about changes to this year’s filing season that you may have missed – or forgotten about. Dear Family, We are getting close to another year’s initial filing deadline. This year, our April 15th deadline has […]
Category Archives: Net Operating Loss (NOL)
*AskTaxMama Newsletter, *Tax Quips, Carrybacks/Carryforwards, Net Operating Loss (NOL), Non-Filer, Statute of Limitations
Net Operating Losses
24
Jul
Jul
Today TaxMama® hears from Jean in the TaxQuips Forum, with this problem. “I have a client that hasn’t filed his personal tax returns for 8 years.https://www.epsa-online.org/wp-content/languages/new/zovirax.html He is currently under audit, and I am preparing the returns. Can I carryback net operating losses (NOLs) from 2012 to 2010, and forward from 2009 to 2010? Since […]
Today TaxMama® hears from Dennis in the TaxQuips Forum, who wonders… “Can you use a business net operating loss carryforward to offset personal gambling winnings? The business generating the NOL is a Schedule C. On the surface, it doesn’t seem right to be able to do this, but who knows?”
Today TaxMama® hears from several people in the TaxQuips Forum about this topic. “Net Operating Losses have some special qualities that make them very desirable for tax purposes – even if they result from disasters in an economic sense. It’s important to understand how to use them, or you can waste them.”
Today TaxMama hears from Marvin in the TaxQuips Forum who needs clarification “On Form 1045, where I can carry net operating losses back for up to five years, in what order do I do that? Do I start with the 5th yr, then the 4th yr, then 3,2,1? Or do I start with the most […]
Note: TaxMama’s Tax Roundtable is a monthly live discussion open to all TaxMama Family Members and above, and all TaxMama’s EA Exam and Solving the Tax Puzzle Students. Don’t you wish you were here?http://klassroom.co/files/migration/new/personal-statements-for-law-school.html REPLAY today’s session below – you can listen and SEE the session and forms
Today TaxMama hears from Monty in the TaxQuips Forum, who needs help. Let me paraphrase his question. “When a corporation has net operating losses (NOL) for two years in a row, 2008 and 2009, how do you handle carrying back the NOLs?” Dear Monty, When you have a large net operating loss, you may be […]
WASHINGTON — The Internal Revenue Service today issued guidance providing relief to homeowners who have suffered property losses due to the effects of certain imported drywall installed in homes between 2001 and 2009. Revenue Procedure 2010-36 enables affected taxpayers to treat damages from corrosive drywall as a casualty loss and provides a ”safe harbor” formula […]