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Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
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Experience:  GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
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I understand there was some legislation in 2007 regarding Net

Resolved Question:

I understand there was some legislation in 2007 regarding Net Operating Loss Carryback. What is this legislation?
Submitted: 8 years ago.
Category: Tax
Expert:  Ed Johnson replied 8 years ago.

DearCustomer

 

Do you mean state or federal legislation?

 

What in particular are you looking for?

Customer: replied 8 years ago.
Federal legislation. I am a land developer and I have massive losses this year and understand there is new legislation that will assist me in getting a tax rerund quicker.
Expert:  Ed Johnson replied 8 years ago.

Dear candy,

 

I apologize for taking so long to get back to you. I had a computer crash because of a virus.

 

I do not understand what legislation that would be. I know the IRS has intenral regulatiosn that have changed to process business taxes faster.

 

But no new legislation that I am aware of that is related specifically to XXXXX Carryback.

 

The most recent updates regarding Net Operating Loss Carryback are contained in this publication: http://www.irs.gov/pub/irs-pdf/p536.pdf

 

If you are a corporation, you would use this publication: http://www.irs.gov/pub/irs-pdf/p542.pdf

 

this is a list of all changes for 2007 and 2008 to date. http://www.irs.gov/publications/p553/ch01.html

 

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