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- Why isn't the Corp (tax atty biz) NOL (2014) carryforward limited to 80% of NOI of year I'm carrying it forward to (2020)? It's using offsetting the entire NOI.
Why isn't the Corp (tax atty biz) NOL (2014) carryforward limited to 80% of NOI of year I'm carrying it forward to (2020)? It's using offsetting the entire NOI.
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satilla
Level 1
10-14-2021
03:56 PM
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I have NOL 2014 of $34,921 and 2015 NOL of $24,656.
NOI for 2020 is $46,783 80% of that would only be $37,426 yet PTO is calculating a carryforward of the full $46,783.
NOI for 2020 is $46,783 80% of that would only be $37,426 yet PTO is calculating a carryforward of the full $46,783.
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TaxGuyBill
Level 15
10-14-2021
06:10 PM
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Tax Attorney Business? Out of curiosity, is this your business, or is a tax attorney paying you to prepare his/her tax return?
George4Tacks
Level 15
10-14-2021
06:43 PM
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Research how the CARES Act modified the 80% rule.
Here's wishing you many Happy Returns
