Tax Law (Questions About Taxes)/Sch C NOL


Hello William,

My client normally generates a large profit from each of their businesses in which they each operate as a sole prop.  In 2012 they each suffered a huge loss and it doesn't look they will recover from it in the future.  They have incurred an NOL in 2012. What is the proper way to recover those losses?  Is it necessary to amend their 2011 return which I believe will absorb their losses?  Also, must anything be done when filing their 2012 returns, they are currently on extension so this is done properly, must they elect in 2012 to carryback?

Thank you in advance.



The key(ES)

Are two year carry back and ejection to carry forward or back and not just to 2011...


Your assumption (2011) is wrong

Before you totally F it up, give me half your fee and I will do it right for you and send u the return done properly with citations and discussion of the law with proper return


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Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).


19 years cpa. ms tax. NOTE: My discussions are only a general information and do not constitute tax advise without entering into a specific agreement and executing an engagement letter; This free chat is nothing more than general information and should not be construed as tax advice nor does my response or replies imply an agreement to provide client specific advice or other guidance for purposes of avoiding IRS tax or penalties and should not be relied upon without your own validation and confirmation of the how the discussion may fit your facts... Not having all the facts and/or not having a direct client relationship prevents me from providing the most accurate replies as possible and I highly suggest using a local CPA to provide you with written advice and guidance. Taking matters into your own hands is much akin to trying to land an airplane without a license. It is easy to FLY a plane, but LANDING is when critical experience is key. In short, caveat emptor; do your homework and don't just rely on free chat board advice anywhere, anytime.

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