Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

I.m a buisness owner of a c corpinvovled in constructed related

Customer Question
manufacturing for year 2007 we...
I.m a buisness owner of a c corpinvovled in constructed related manufacturing for year 2007 we incured substantial losses due to the downfall in construction buisness .Is the corporation eligable for tax refunds or carry backs?
Submitted: 9 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 17 minutes by:
9/3/2008
Tax Professional: Lev, Tax Advisor replied 9 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,714
Experience: Taxes, Immigration, Labor Relations
Verified

Losses of C-corporation are not passed to shareholders.

A corporation generally figures and deducts a net operating loss (NOL) the same way an individual does.

The same 2-year carryback and up to 20-year carryforward periods apply, and the same sequence applies when the corporation carries two or more NOLs to the same year. For more information on these general rules, see Publication 536, Net Operating Losses (NOLs) - http://www.irs.gov/pub/irs-pdf/p536.pdf

 

Ask Your Own Tax Question
Customer reply replied 9 years ago
Thank you and I would accept immediately once you give me this clarification. My real question was if the C Corp would get a refund check like individuals get from IRS, especially when heavy losses are incurred compared to previous year? I'm trying to get an idea about my working cap needs?

Tax Professional: Lev, Tax Advisor replied 9 years ago

Yes - C-corporation would get refund for overpaid taxes after filing amended returns for last two years.

This is the form to use - www.irs.gov/pub/irs-pdf/f1120x.pdf

File separate form for each year and mark the years for which you are filing in the header.

Amount to be refunded should be on the line 12.

 

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,714
Experience: Taxes, Immigration, Labor Relations
Verified
Lev and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 9 years ago
Thanks. wasif1100atgmail
Tax Professional: Lev, Tax Advisor replied 9 years ago
Appreciate you for accepting the answer. I wish you the best.
Ask Your Own Tax Question
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,714
30,714 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,338 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,980 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
Or Lev" S-Corp shareholder question: Does the following rule
quot;For Lane or Lev"S-Corp shareholder question: Does the following rule for deducting health insurance premiums on line 29 of the 1040 apply if the shareholder owns 100% of the company and there are… read more
Lev
Lev
Tax Advisor
30,714 satisfied customers
What are the forms for reporting Rental Income to the IRS on
What are the forms for reporting Rental Income to the IRS on foreign properties - we collect each month? Is this filed separately from our personal returns?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,084 satisfied customers
2% shareholder insurance - If a 100% Shareholder is on
2% shareholder insurance - If a 100% Shareholder is on payroll and he has an insurance policy but spouse is on Medicare, is the amount of the insurance premiums of owner plus the Medicare that was wit… read more
Carter McBride
Carter McBride
LLM
265 satisfied customers
Is there a form to file with the IRS for tax periods that
Is there a form to file with the IRS for tax periods that have ran past the statute of limitations from the date of assessment … read more
Lev
Lev
Tax Advisor
30,714 satisfied customers
Can I get a copy of join filed irs tax form from 1985. What
Can I get a copy of join filed irs tax form from 1985 … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Got form 4549 from iRS. IRS has sent a form 4549 and asking
IRS has sent a form 4549 and asking me to pay 3510 as tax defecienecy … read more
abci168
abci168
Principal
27 satisfied customers
For a CPA about tax rules on pass through entities and
For a CPA about tax rules on pass through entities and partnerships: I have a pass through entity - an LLP (Limited Liability Partnership) with 2 partners. The entity had operated for years as a sole … read more
Carter McBride
Carter McBride
LLM
265 satisfied customers
I lost my refund check for an amended return and want to
I lost my refund check for an amended return and want to know if it could be canceled and a new check sent to me. It may have been stolen out of my purse. … read more
Shan-Nel Simmons
Shan-Nel Simmons
Tax Professional/Owner
Master\u0027s Degree
29 satisfied customers
On october 30th I mailed form dt individual to the IRS in
on october 30th I mailed form dt individual to the IRS in Connecticut Certified mail showed it had been delivered on Nov 2 I have heard nothing … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Impact of tax changes on filing amended returns... Client
Impact of tax changes on filing amended returns... Client filed a 2016 tax return on time in 2017. If the tax laws change significantly, which laws apply when amended returns are filed... the tax laws… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,808 satisfied customers
Does a U.S. 1120 with a sole shareholder be required to file
Does a U.S. 1120 with a sole shareholder be required to file a F-5472 if the shareholder is filing under tie-breaker rules . The shareholder is filing F-5471 with regard to CFCs and F-114 as he is con… read more
taxmanrog
taxmanrog
Master\u0027s Degree
778 satisfied customers
Was approved to file a 2016 Form 1065 (and K-1) by IRS.
Was approved to file a 2016 Form 1065 (and K-1) by IRS. However, there were no partners. There was just one person. Thus, the entire 2016 loss is allocable to that one person, since there are no other… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,084 satisfied customers
Can a taxpayer file an amended return to elect into the
Can a taxpayer file an amended return to elect into the installment method if the original return was filed error without the installment method.… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
What form is used on the fed 1120s to changed shareholder
what form is used on the fed 1120s to changed shareholder shares from one to another person and state and NYC forms as well… read more
Chad Schoch
Chad Schoch
Bacehlors of Business Administration
20 satisfied customers
IRS form 8832 was never filled out or filed to designate tax
IRS form 8832 was never filled out or filed to designate tax treatment for a corp i created. the corp oissued shares but never distributed them..( one owner)...there were two positions for the corp. A… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,282 satisfied customers
When will 2015 amended returns be processed, I filed an
I filed an amended return 1 year ago. IRS has not yet begun processing. How long does it take? … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,282 satisfied customers
I am filing an amended return that pertains to some patent
I am filing an amended return that pertains to some patent expenses (on schedule C) I did not expense on the original 1040 and 540 (they remained on the balance sheet). I have now expensed them and ha… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Can amended returns be filed for an individual or person who
Can amended returns be filed for an individual or person who is currently deceased using 1040X? … read more
Lev
Lev
Tax Advisor
30,714 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x