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Net Operating Losses

Do you have any clients who had net operating losses for the 2016 tax year?  If so, plan to amend their prior-year returns to claim the loss (or file a claim for refund form), unless the client made an election to forgo the carryback of the loss.  Generally, net operating losses are carried back to the two previous tax years and carried forward to the 20 subsequent tax years.

The information provided herein is provided with the understanding that the author and publisher are not engaged in rendering legal, accounting or other professional service. As such, M + O = CPE, Inc. and the author disclaim any responsibility or liability for the information supplied herein or the application of said information.