Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 2
My suggestion would be to bundle it all up and get professional assistance. Bill (or someone, perhaps on a different board) mentioned the option to skip the carry back and carry the loss forward only. Unfortunately, that option is only available on timely filed returns. Since all of these returns are late, that is not an option.

I also have it in the back of my mind that there is a time limit for filing a refund claim based on an NOL carry back. I suspect that may affect some of the older returns. Further, if this situation arises, you have to treat the disallowed carry back as if it happened, even though any refund is barred by time.

In short, there are a whole bunch of issues here that haven’t been touched on yet. Hence my suggestion for professional help.

—Peter
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.