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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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NYC NOLD - UTBP
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Michael1000
Level 2
09-03-2021
12:42 PM
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NYC Property with NOL carryforwards of 5 years carried forward a $20,000,000 NOL in year 5 for 4 of our clients when there were 5 years of NOLs . It technically doesn't matter for real estate since they are exempt from UBT tax but it's a problem nonetheless. For another client a 2019 NOL was entered in the NYC NOL screen in year 1 based on a diagnostic about the current NOL needing to be entered in the NOL screen, the 2019 NOL input carried forward and Lacerte carried forward the 2019 NOL since it added the automatic carry forward feature between 2019 and 2020 - the result is that there are two identical NOL carryforwards of the 2019 carryforward, one in year 1 and the same in year 2 of the NOL carryforward grid.
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