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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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NET OPERATING LOSS
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NET OPERATING LOSS
NET OPERATING LOSS
Submitted by mkprivera on 04-13-2022 07:50 PMTaxpayers married in 2021. One spouse had a prior NOL. The entire NOL is being utilized this year and is not being allocated to the spouse's income who generated the loss.
The spouses income is well below the NOL amount. If I didn't know that the NOL followed the taxpayer - the return would be wrong and would lose under audit. This is a huge problem
You need to find a fix to have the NOL follow and be limited to the spouse's income and not the joint income. I allocated all items of income to the Taxpayer and Spouse and it still doesn't work.
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