You Must Waive NOL Carrybacks Before Carrying Losses Forward

Generally, if you have a business loss, such losses are first carried back to reduce previous taxes paid. However, if you waive the carry back, you can carry the loses forward.

However, according to a recent case, (Jasperson, 11th Cir.), the judgement stated that since the NOL (net operating loss) carry-back was not explicitly waived, the NOL could not be carried forward.

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