QUESTION
As an S corporation shareholder Do NOL carry forward losses accumulate and how can they be applied to future tax owed?
Asked on Oct 10th, 2012 on Business Law - Colorado
More details to this question:
s corporation shareholder reviewing tax documents from 2003, 2004. NOL carryforward option was filed in 2003, yet never appeared to have been applied in 2004 showing a tax owed.
1 ANSWER
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1 Award
You should review the applicable records with your accountant. Generally speaking, it is no longer possible to file an amended return for 2004 and the benefits of the carryover may be lost.
Answered on Oct 13th, 2012 at 1:23 AM