Form 1045

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Form 1045

A form that one files with the IRS to request a tentative tax refund. One may do this for a carryback from a net operating loss, the carryback of an unused tax credit, the carryback of certain contract losses, or certain tax overpayments.
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TIGTA also found that the IRS does not monitor the amount of interest paid in NOL carryback cases or its compliance with the 90-day period for processing Forms 1045, Application for Tentative Refund.
Unlike the 1040X and 1120X procedures, the carryback claims on Forms 1045 and 1139 are generally processed within 90 days of filing.
Note: Although Forms 1045 and 1139 ordinarily are due within 12 months after the tax year of the NOL, Sec.
Note that this date is ear lier than the typical due date for filing forms 1045 and 1139, which is within 12 months after the tax year of the NOL.
In an accompanying news release (IR-2009-26), the Service said it will closely monitor related filings of Forms 1045, Application for Tentative Refund, and 1139, Corporation Application for Tentative Refund, for sole proprietorships and corporations, respectively, and work to issue refunds within 45 days or sooner.
The IRS has revised forms 1045 and 1139 to reflect the five-year carry-back period that resulted from the 2002 Tax Act (See "NOL Carrybacks and Carryovers," www.
Nevertheless, when advising clients about submitting claims or Forms 1139 (or Forms 1045 for individuals), it is now important to ascertain whether any unassessed liabilities exist that may reduce or eliminate a refund.
The IRS has revised forms 1045 and 1139 to reflect the five-year carryback period that resulted from the 2002 Tax Act.
Although a client filing a carryback may need the refund as quickly as possible, a practitioner must be sure to advise the client of the significant distinctions between the filing of the request for tentative allowance on Forms 1045 and 1139 versus the claims for refund on Forms 1040X and 1120X.