Form 1139

Form 1139

A form that a corporation files with the IRS to request a speedy tax refund due to a tax loss carryback or overpayment of taxes due to certain income adjustments.
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The Account Transcript should be obtained if a corporation plans to file a carryback claim using Form 1139 or Form 1120X.
If an NOL, capital loss, or business credit carryback has instead been carried back on Form 1139, Corporation Application for Tentative Refund, Sec.
Corporations may also accelerate a refund by using Form 1139, Corporation Application for Tentative Refund.
When a company with an NOL or capital loss files a Form 1139 and the claim is for over $2 million, the application is closely scrutinized by the IRS Joint Committee of Taxation.
Carryback Applications or Refund Claims: A taxpayer making this election, as described above, must attach a copy of the election statement to a claim for tentative carryback adjustment, Form 1045 (individuals and fiduciaries) or Form 1139 (corporations), or to an amended return--applying the applicable NOL to the carryback year.
The new procedure modifies the old one so that an eligible small-business owner may file a Form 1045, Form 1139 or an amended tax return that carries back the NOL for three, four, or five years.
If your cash flow could use a more immediate boost, however, consider requesting a "quick refund" by filing Form 1139 with the IRS.
files a Form 1139, Corporation Application for Tentative Refund, to carry back a 2009 NOL to 2007.
172(b)(1)(H) election (which is irrevocable and can be made only for one tax year) using Form 1045, Form 1139 or an amended return must file that form in advance of its ordinary due date.
Corporations making the election can get a quick refund by filing Form 1139.
Saylor advised that taxpayers should check Box 5 on the return to show that it is a superseding return, adding that the Form 1139 cannot be e-filed.