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- To File or Not to File - That is the question
To File or Not to File - That is the question
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kirkavery
Level 3
10-23-2023
01:38 PM
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The taxpayer filed a 2020 tax which showed a significant operating loss on Sch C for her single owner LLC.beauty salon and has a loss carryforward. Her business closed in 2020. She incurred expenses, but practically no income, by renting space at a couple salons in 2021 and 2022. Her only source of income for 2021 and 2022 was Social Security. She is 70 years old and is not planning on working ever again. Does she really have to file tax returns for 2021 and 2022 which would only report increases to her operating loss carryforward.
I am not positive but believe the failure to file penalties would not be assessed by the IRS in her circumstance?
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BobKamman
Level 15
10-23-2023
01:57 PM
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Does she ever buy lottery tickets?
Might she get married?
I don't think you have to file returns just to preserve the NOL carryovers. They couldn't be / weren't carried back from 2020?
