Jump to content
ATX Community

Has anyone filed Form 1139 for their client?


ILLMAS

Recommended Posts

  • 3 years later...
25 minutes ago, BHoffman said:

I was going to ask your thoughts on form 1139 vs. 1120X for a corporate loss carry back.  I would rather file the 1120X.  Any advice?

Thanks!

The 1139 is a request for a tentative (quick) refund and must be filed within one year instead of the longer 3 year period allowed for the 1120X, and with the 1139 the IRS is supposed to act on it within 90 days. The 1120X is a claim for refund (not tentative) and the tentative vs actual claim comes with differences related to the SOL.   Rather than me explain it all out, I've included links to two articles that explain it better than any summary I'd give here. The articles are older and the carryback period allowed has changed, but the basic differences and effect of using one or the other of the forms hasn't.

Article from The Tax Advisor (and also has a linked "exhibit" summarizing some of the differences in the last line of second section entitled "Background" : http://www.thetaxadviser.com/issues/2010/mar/nolcarrybackclaimscanunlockclosedstatuteoflimitationyears.html

Article from The Free Library online: https://www.thefreelibrary.com/Practitioners+beware+-+use+of+Form+1045+or+1139+may+create+unexpected...-a018973034

  • Like 1
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...