I have an individual loss carry back from 2018 back to a 2015 under the new law. 2015 has sizable tax interest and penalty due. Will the interest and penalty also be reduced besides the tax from the carryback? Thanks for any response.
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Thanks for the reply. I don't understand the response. 2015 is already filed, but if I was only filing 2015 now with tax due and then had a 2018 carry back, this would be a better result vs. already having filed it. I researched it since and I'm not seeing a difference in outcomes.
Thanks for the reply. I was at odds with a client and his tax attorney about this and they had disagreed with my position which was as yours. I showed them the code section and IRS rulings and they finally agreed last week.