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Joe Greaney

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  1. Yes, I was NYC based but presently am in Dublin, Ireland.
  2. Thank you so much for your detailed assessment of the position. My reason for believing that NOl's prior to 2015 might be lost was in view of the rule whereby 1040's as far back as 2015 only can be amended currently (and back to 2016 only after tomorrow!) where refunds or credits would arise. In the current instance it is in fact the case that no refunds or credits will arise for any year back to 2008 as a result of the amendments or indeed back to 2002 if amendments that for back are permitted. The purpose of the amendments in this case is to ensure that the just quantum of Net Operating Loss carryforward will be available into the future. Is it the case therefore that where refunds or credits won't arise for any year as a result of the NOL carryforward related amendments one may amend original 1040s even further back than 2008, even to say 2002? Finally, would it be permissible in this instance instead of amending the 2015 return to show the correct accumulation (i.e. aggregation) of NoL carryforwards up to and including the 2015 return (as well as amending the later 1040s similarly) to instead amend the most recently filed return (for 2017 or perhaps 2018, if the requisite work cannot be carried out by tomorrow's deadline) and support the 2017 (or 2018) filing with the supporting calculations, summaries and worksheets you specified. so that in this instance the 2017 (or 2018) amended return may be filed to correct what should have been reported on line 21 had the original return been prepared correctly to begin with. This particular query is prompted by the fact that If there is no restriction which confines the filing of amended returns in cases such as this to the last four years, then choosing to adjust the 2015 return instead of the 2017 (or 2018) return appears arbitrary and perhaps unnecessary?
  3. I'd be grateful if anyone could clarify that having examined the computations carried out on Schedule A of Form 1045 for all years 2008 et seq. and satisfied myself as to their correctness, whether it is in order to include the aggregate of the forward carried NOLs for 2008 to 2014 on the amended return 1040X being submitted for 2015. Any views on this would be greatly appreciated.
  4. Thank you Abby . I might just clarify that all of the 1040's submitted for 2008 et. seq have been examined and it s clear that the NOLs for each year were unused and available for carry forward. If the answer is still 'No', I take it that all of those pre 2014 NOL's are lost?
  5. Folks, a client of mine had NOL losses every year for 2008 et seq. which were not claimed on LIne 21 of Form 1040 each year. I am preparing 1040Xs for 2015 (the earliest year permissible) to 2017 to correct the omission. Statements of waiver of the carryback were filed each year with the original 1040s as required. Is it permissible to include the aggregate of the NOLs for 2008 to 2014 (with an explanatory note regarding the NOLs for each year) on the 2015 Form 1040 X ? Any assistance with this would be gratefully appreciated.
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