Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Why isn't the Corp (tax atty biz) NOL (2014) carryforward limited to 80% of NOI of year I'm carrying it forward to (2020)? It's using offsetting the entire NOI.

satilla
Level 1
I have NOL 2014 of $34,921 and 2015 NOL of $24,656.  
NOI for 2020 is $46,783  80% of that would only be $37,426 yet PTO is calculating a carryforward of the full $46,783.
0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

2 Comments 2
TaxGuyBill
Level 15

Tax Attorney Business?  Out of curiosity, is this your business, or is a tax attorney paying you to prepare his/her tax return?

George4Tacks
Level 15

Research how the CARES Act modified the 80% rule. 


Answers are easy. Questions are hard!
0 Cheers