USA IRREVOCABLE ELECTION TO FOREGO NOL CARRYBACK-HOW TO UNDO??


Joined
May 3, 2018
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We made the election to forego the NOL carry back by mistake. A pure boo boo on the tax return. A simple toggle of the switch to remove the election was missed. Return was efiled shortly before the April 15 deadline with said election. Everything I read says it cannot be revoked; we must carry-forward. The NOL carryback is worth a very significant refund to client. We are considering filing the Form 1045 anyway - a "quiet disclosure" that the election was not intended. All facts and circumstances would lead a reasonable person to conclude insanity of the tax preparer is the only explanation for making the election to forego the carryback. ANY EXPERIENCES OUT THERE? GREATLY APPRECIATED. I'M STILL SEARCHING NEXT STOP IS 9100 RELIEF PROVISIONS. THANKS
 
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Joined
Jul 25, 2018
Messages
1
Reaction score
0
Country
United States
We made the election to forego the NOL carry back by mistake. A pure boo boo on the tax return. A simple toggle of the switch to remove the election was missed. Return was efiled shortly before the April 15 deadline with said election. Everything I read says it cannot be revoked; we must carry-forward. The NOL carryback is worth a very significant refund to client. We are considering filing the Form 1045 anyway - a "quiet disclosure" that the election was not intended. All facts and circumstances would lead a reasonable person to conclude insanity of the tax preparer is the only explanation for making the election to forego the carryback. ANY EXPERIENCES OUT THERE? GREATLY APPRECIATED. I'M STILL SEARCHING NEXT STOP IS 9100 RELIEF PROVISIONS. THANKS
Just checking to see if you were successful with the Form 1045?
 
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