I have a corporate client who just filed a 2016 and 2017 tax return with substantial profits (very late filing). I completed the 2018 and there is a loss. Can I file Form 1139 to apply the NOL back to 2016 and 2017 or is it too late to do this since the returns are being filed beyond the due date.
I thought it might be too late to prepare the Form 1139, however, I am confused about how I would amend the return for the carryback.
Since I can't go back and apply the 2018 loss to 2016 via the Form 1139 how can I carry back via an amended return?
This is a little new to me so I am trying to understand what to do,