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NOL Carryback and "Refunds"

  • 1.  NOL Carryback and "Refunds"

    Silver Most Valuable Member
    Posted 08-20-2019 08:54
    I just took on a new client who just recently (within last 6 Months) filed his 2013-2018 returns. Turns out they had business bad debts ( SMLLC in business of making loans) in 2017 and 2016) that they could have taken on the original filings but didn't. i want to amend but run into the question of I can carryloss back to 2014 and 2015, but these were due more than 3 years ago. Does he lose the decrease in taxes due to time limit or as the returns were just recently filed, can he still get the money back?

    Alfonso J. Mollica CPA

    Alfonso J. Mollica CPA, P.C.

    Thank you.

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    AMollica@AJMCPA.COM

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