Individuals may also file a barebones return and a subsequent superseding return to facilitate the filing of Form 1045
, Application for Tentative Refund.
The authors recommend that tax advisors file the NOL claim immediately on a Form 1045
; this will allow affected taxpayers to receive a prompt refund, while preserving the statute of limitations.
DA Form 1045
, Army Ideas for Excellence Program (AIEP) Proposal, is used for any type of suggestion.
The first is by filing Form 1045
, Application for Tentative Refund, within one year from the end of the year in which the NOL occurred.
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.
Taxpayers can and should use the tentative "quick" carryback procedures by using form 1139 (corporations) or form 1045
(individuals) which expedites the processing of the refund so that the taxpayer doesn't have to wait for the current year (the one generating the net operating loss) return to be processed.
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.
With the help of this expert system, Service Center tax technicians will be able more efficiently to process tentative carryback cases received on Form 1045
(Application for Tentative Refund) and Form 1040X (Amended Individual Return).
If the taxpayer is filing a carryback claim on Form 1045
, Application for Tentative Refund, or 1139, Corporation Application for Tentative Refund, these overpayments can be applied to a current year's estimated tax payments as well.
* A procedure is available to claim a refund arising from carrybacks more quickly than by filing amended returns--Application for Tentative Refund (Form 1045
) and Corporation Application for Tentative Refund (Form 1139).
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.
* Taxpayers with an NOL carryback refund claim may file Form 1045
, Application for Tentative Refund, which generally is preferable to filing an amended return.