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

[Eric Johnson CPA]

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

 

[Kathy Barnes CPA]

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?

 

[Eric Johnson CPA]

Just checking to see if you were successful with the Form 1045?

we've decided against filing a 1045. I haven't gotten any answer on this. Our next stop is to research 9100 relief provisions.