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MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2342
Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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we missed the election on our 2009 1040 which reflected a sizable

Resolved Question:

we missed the election on our 2009 1040 which reflected a sizable nol
and which we told the taxpayer could be carried back 5 years - what do
we do now
Submitted: 6 years ago.
Category: Tax
Expert:  MequonCPA replied 6 years ago.
Dear f19ui15x -

There were very specific requirements to obtain the benefits of the 5 year carryback. They required an election on your return as filed or in the alternative making the election on a Form 1045 if filed on or before October 15, 2010. As you have missed the date for election to carryback for 5 years, you must use the standard carryback/carryover periods. You 2009 NOL must first be carried back to 2007. Any excess is carried to 2008. Remaining NOLs can be carried forward for 20 years.
Customer: replied 6 years ago.
Expert:  MequonCPA replied 6 years ago.
Dear f19ui15x -

You can request relief under(NNN) NNN-NNNN3, however it will be an uphill task. Your request does not meet the standards for automatic approval. You may need to request a private letter ruling to attempt to obtain relief. I have provided a link to an 2009 article from the Journal of Accountancy on the subject.
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