Peter,
I am going to step out on a limb, but here is how I see it.
It is my understanding that with a 2020 nol, you MUST carry back. The statue of limitation for a year in which you have carried back to are governed by the YEAR IN WHICH THE LOSS OCCURRED. Think about it. If the normal statue is three years, a carry back to the 5th year would never result in a benefit.
With that said and the fact that 2020 would be a closed year you have may have a problem.
However, , IMHO the filing of the return triggers one statute, and the PAYING of the tax trigger yet another . so if the tax is paid with in two years, the statue is open to the extent of that tax payment.
Abby Alhante, CPA
Kurcias & Alhante, LLC CPAs
525 Broadhollow Road Suite 104
Melville NY 11747
516.829-5890 Fax 516-829-3976
Mobile 516-381-9301
AbbyA@KurciasAlhanteCPAs.com
( E mail response preferred )verned by the the year of the origination of
Original Message:
Sent: 11/12/2024 3:35:00 PM
From: Peter R. Hall
Subject: Carryback 2020 NOL
New Client filing 2019-2023. Client has a large tax bill for 2019. 2020 has an NOL. Preferred option would be to carry back to 2019 and lessen the balance due. However, I believe the NOL has to be carried back 5 years to 2015. If that results in a refund hasn't the statute expired ? If so, is that NOL lost or would it be considered unused and C/F to 2016 ? There was no timely election made for 2020 to C/F so I assume it is automatically carried back ? Any thoughts or suggestions are welcomed. Thanks for taking the time to respond.
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Peter R. Hall
CPA
HALL CPA GROUP
Kings Park NY
631-269-7500
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